Statutory Audit: Financial Reporting Council ("FRC") Consultation On Revisions To UK Corporate Governance Code, Auditing And Ethical Standards, And Guidance For Audit Committees
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On 29 September 2015, FRC published a consultation paper seeking views on its proposed amendments to auditing standards, ethical standards for auditors, the UK Corporate Governance Code...
On 29 September 2015, FRC published a consultation paper seeking
views on its proposed amendments to auditing standards, ethical
standards for auditors, the UK Corporate Governance Code and its
guidance for audit committees.
Minor changes have been proposed to the UK Corporate Governance
Code as a result of the changes brought by the amendments to the
Statutory Audit Directive, in particular, to Section C of the code
which relates to accountability. C.3.1 would now require the audit
committee as a whole to have competence in relation to the sector
in which the company operates. Additionally, the audit committee
members would be required to have auditing and accounting
competence. Lastly, C.3.8 would require shareholders to be informed
about future audit tendering plans.
The proposed changes are explored further in the FCA quarterly
consultation extract below.
A copy of the consultation paper is available here:
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