FRC consults on revised guidance for recognising Key Audit Partners for local audit

News types: Consultation Announcement, Guidance, Policies and Responsibilities

Published: 28 February 2022

The Financial Reporting Council (FRC) has today issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit.

The changes have been proposed to address a recommendation made by Sir Tony Redmond in his review of local audit , published in November 2020, to address the issue of capacity in this market.

The FRC plans to consult for 4 weeks and will issue a feedback statement addressing the comments it receives ahead of publishing its revised guidance.

The new guidance will apply to all applications received by the RSBs after its publication.

Comments on the consultation are invited by 28 March 2022 .

The FRC expects to finalise its revised guidance by Spring 2022.

Current Guidance to Recognised Supervisory Bodies on the approval of Key Audit Partners for local audit is available here.