FRC issues revised guidance for recognising Key Audit Partners for local audit

News types: Consultation Announcement, Feedback Statement, Guidance, Policies and Responsibilities, Publications, Response, Statements

Published: 30 June 2022

The Financial Reporting Council (FRC) has today revised its guidance for the Recognised Supervisory Bodies on the recognition of Key Audit Partners for local audit . The revised guidance follows a public consultation to address a recommendation made by Sir Tony Redmond in his review of local audit. The review, which was published in November 2020, addressed the issue of capacity in this market.  The accompanying feedback statement explains the FRC’s response to the comments received during the consultation period.

The revised guidance applies to all applications received by the RSBs from 30 June 2022.

A link to feedback statement is available here.

A link to the consultation responses is available here