The Audit Quality Review (AQR) Committee helps ensure the consistency and quality of the FRC’s audit monitoring work. Its functions include:
- Providing advice to the Executive in respect of the inspection review grade for individual audit engagements and the letter summarising the key findings from a review of an individual audit engagement.
- Taking steps delegated to the AQR Committee under the Auditor Regulatory Sanctions Procedure and the Crown Dependencies Recognised Auditor Regulatory Sanctions Procedure including considering whether there is an indication that a Registered Auditor / Recognised Auditor has failed to comply with the Regulatory Framework for Auditing.
- Agreeing audit monitoring public reports on individual firms.
- Reviewing any other draft audit inspection reports referred by the Executive.
- Recommending to the Conduct Committee any draft report setting out key findings from the FRC’s audit inspection activities.
- If appropriate, referring any matter to the Conduct Committee or Case Examiner, as applicable, to consider action under one of the FRC’s disciplinary schemes or enforcement procedures.
- Performing any other functions as shall be determined by the Conduct Committee from time to time.