The Financial Reporting Council (FRC) published an updated version of its Practice Aid for audit committees in December 2019. The practice aid provides guidance on audit quality evaluation to help audit committees with their assessment of the external audit process.

The updates take into consideration developments in the governance and auditing framework since the first edition issued in 2015, including: the 2018 edition of the UK Corporate Governance Code; the requirement that all Public Interest Entities (PIEs) conduct a tender at least every 10 years and rotate auditors after at least 20 years; and the general increase in focus on the role of the audit committee and audit quality.

Sarah Hawes
Sarah Hawes
+44 20 7466 2953

Alex Kay
Alex Kay
+44 20 7466 2447

Gareth Sykes
Gareth Sykes
+44 20 7466 7631

Caroline Rae
Caroline Rae
+44 20 7466 2916

Ben Ward
Ben Ward
+44 20 7466 2093

Stephen Wilkinson
Stephen Wilkinson
+44 20 7466 2038