The FRC issues guidance and other publications to assist boards and board committees in considering how to apply the UK Corporate Governance Code to their particular circumstances. These publications cover:
These documents can be downloaded from this website. Printed copies of the guidance notes can be obtained free of charge from FRC publications at www.frcpublications.com
In 2011 the FRC published new guidance entitled Guidance on Board Effectiveness
, which relates primarily to Sections A and B of the Code on the leadership and effectiveness of the Board.
The guidance was developed by the Institute of Chartered Secretaries and Administrators on the FRC’s behalf, and replaces ‘Suggestions for Good Practice from the Higgs Report’ (known as the Higgs guidance), which has been withdrawn.
Work is underway on updating this guidance document and we will consult on changes, alongside the Code, in autumn 2017.
The FRC Guidance on Audit Committees
was first published in 2003 and most recently updated in April 2016. It is intended to assist company boards when implementing Section C.3 of the UK Corporate Governance Code dealing with audit committees, and to assist directors serving on audit committees in carrying out their role. The 2016 UK Corporate Governance Code applies to accounting periods beginning on or after 17 June 2016.
To assist Audit committee's looking to put their external audit out to tender the FRC has provided a Best Practice guide to Audit Tendering
Risk Management, Internal Control and Related Financial and Business Reporting
This guidance revises, integrates and replaces the previous editions of the FRC's
Internal Control: Guidance to Directors
(formerly known as the Turnbull Guidance) and the Going Concern and Liquidity Risk: Guidance for Directors of UK Companies
and reflects changes made to the UK Corporate Governance Code. It links the traditional Turnbull
guidance on internal control with emerging good practice for risk management reflected in the conclusions of both the FRC’s Boards and Risk
report and the final recommendations of the Sharman Panel of Inquiry into Going Concern and Liquidity Risk
In March 2011 the FRC announced the launch of an enquiry led by Lord Sharman to identify lessons for companies and auditors addressing going concern and liquidity risk. See The Sharman Inquiry
for further details.
In September 2011 the FRC published a report Boards and Risk
summarising the main issues to emerge from discussions with companies, investors and advisers to discuss how boards were addressing risk and internal control. The report is not guidance, but is an attempt to capture comments from participants in the belief that they may be helpful to other companies in thinking about their own approach to risk.