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FRC Guidance for boards and board committees

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:

Board effectiveness 

Audit committees 

Risk management, internal control and related financial and business reporting

These documents can be downloaded from this website. Printed copies of the guidance notes can be obtained free of charge from FRC publications at  

Board effectiveness

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and replaces ‘Suggestions for Good Practice from the Higgs Report’ (known as the Higgs guidance), which has been withdrawn.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.

Audit committees

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

 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.


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