News September 2019 Anne Whitaker appointed to the FRC’s Conduct Committee and Chair of the Audit Quality Review Committ

Anne Whitaker appointed to the FRC’s Conduct Committee and Chair of the Audit Quality Review Committee

02 September 2019
Anne Whitaker has been appointed to the FRC’s Conduct Committee, which oversees the FRC’s Enforcement work, following her appointment as Chair of the Audit Quality Review Committee (AQRC).
 
Anne was first appointed to the AQRC in 2016 and replaces David Cannon who has served as Chair of the AQRC and a member of the Conduct Committee since September 2015.
 
Anne brings a wealth of experience to the role having previously served as an auditor for 30 years. 
 
David Cannon stepped down as Chair of AQRC and a member of the Conduct Committee on 31 August 2019. He will remain a member of AQRC until an appropriate replacement is appointed.
 
About Anne Whitaker:
Anne Whitaker is a former EY Audit partner with a portfolio of non-Executive and charity roles, including independent NED and Audit Committee Chair at Markel International Insurance Company Ltd and Chair of the Risk and Audit Committee at Hitachi Capital (UK) plc. As the former Head of Audit and Risk Partner for EY’s UK Financial Services Practice, Anne specialised in asset management audits, including funds and investment trusts as well as other financial services. Some of Anne’s previous non-Executive roles include NED and Audit Committee Chair at Barts Health NHS Trust and Chair of the Audit and Risk Assessment Committee of the Independent Parliamentary Standards Authority (IPSA). She has also previously volunteered as an advisor for MicroVentures (a microfinance charity operating in Malawi). 
 
About the Conduct Committee:
The Conduct Committee has statutory responsibilities in relation to corporate reporting delegated by the Secretary of State under section 457 Companies Act 2006 and section 14(2) Companies (Audit, Investigations and Community Enterprise) Act 2004 and is responsible for overseeing the FRC’s corporate reporting review work.  Its responsibilities also include overseeing the executive's oversight, audit quality review, and enforcement work and it makes various decisions under the FRC's enforcement procedures. The Conduct Committee meets monthly and comprises FRC Board members and others with a range of skills, experience and relevant technical expertise. It has a majority of lay members and excludes practising and recently retired auditors as well as officers of the professional bodies.
 
About the Audit Quality Review Committee:
The Audit Quality Review Committee helps ensure the consistency and fairness of the FRC’s audit monitoring work. Its functions include:
  • Providing input on the monitoring strategy and on the inspection process, including the quality category guidelines.
  • Reviewing reports from the Executive that summarise inspection findings and set out a rationale for audit quality categories.
  • Providing advice, as requested, regarding inspection findings and quality categories where a request for re-consideration has been received by the Executive.
  • Providing input to audit monitoring public reports on individual firms.
  • Performing any other functions as shall be determined by the Conduct Committee from time to time.

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