Audit Committees
Published: 24 September 2023
1 minute read
The FRC has produced guidance relating to Audit Committees, and published a Standard for Audit Committees relating to the external audit.
Audit Committees should also familiarise themselves with the UK Corporate Governance Code.
Audit Committee Standard
The FRC issued a consultation on an Audit Committee Standard, which closed for comment on 8 February 2023. This follows the Government White Paper Restoring Trust in Audit and Corporate Governance. The Standard will take effect immediately and will operate on a comply or explain basis until such time that ARGA is created with the power to mandate compliance.
| Name | Audit Committees and the External Audit: Minimum Standard (May 2023) |
|---|---|
| Publication date | 22 May 2023 |
| Type | Standard |
| Format | PDF, 2.5 MB |
| Name | Feedback Statement and Impact Assessment - Audit Committee Minimum Standard (May 2023) |
| Publication date | 22 May 2023 |
| Format | PDF, 1.4 MB |
Guidance
Guidance on Audit Committees
The guidance is intended to assist company boards when implementing Section 4 of the UK Corporate Governance Code dealing with audit committees, and to assist directors serving on audit committees in carrying out their role.
Best practice guide to audit tendering
The guide is intended to support Audit Committees in running an effective tender process for their external auditor.
Best practice guide to audit tendering (updated February 2017)
Audit quality – practice aid for Audit Committees
The practice aid is intended to assist Audit Committees in assessing the effectiveness of the external audit.
Audit quality – practice aid for Audit Committees (updated December 2019)
Research
| Name | FRC/YouGov: Audit Committee Chairs’ views on, and approach to, audit quality (2022) |
|---|---|
| Publication date | 26 January 2022 |
| Type | Report |
| Format | PDF, 1.7 MB |
| Name | FRC/YouGov: Audit Committee Chairs’ views on, and approach to, audit quality (2020) |
| Publication date | 2 December 2020 |
| Type | Report |
| Format | PDF, 899.8 KB |