Audit Committees

Published: 24 September 2023

1 minute read

The FRC has produced guidance relating to Audit Committees, and published a Standard for Audit Committees relating to the external audit.

Audit Committees should also familiarise themselves with the UK Corporate Governance Code.

Audit Committee Standard

The FRC issued a consultation on an Audit Committee Standard, which closed for comment on 8 February 2023. This follows the Government White Paper Restoring Trust in Audit and Corporate Governance. The Standard will take effect immediately and will operate on a comply or explain basis until such time that ARGA is created with the power to mandate compliance.

Audit Committee Standard documents
Name Audit Committees and the External Audit: Minimum Standard (May 2023)
Publication date 22 May 2023
Type Standard
Format PDF, 2.5 MB
Name Feedback Statement and Impact Assessment - Audit Committee Minimum Standard (May 2023)
Publication date 22 May 2023
Format PDF, 1.4 MB

Guidance

Guidance on Audit Committees

The guidance is intended to assist company boards when implementing Section 4 of the UK Corporate Governance Code dealing with audit committees, and to assist directors serving on audit committees in carrying out their role.

Guidance on Audit Committees (updated April 2016)

Best practice guide to audit tendering

The guide is intended to support Audit Committees in running an effective tender process for their external auditor.

Best practice guide to audit tendering (updated February 2017)

Audit quality – practice aid for Audit Committees

The practice aid is intended to assist Audit Committees in assessing the effectiveness of the external audit.

Audit quality – practice aid for Audit Committees (updated December 2019)

Research

Research documents

We have carried out research with YouGov on Audit Committee Chairs’ views on, and approach to, audit quality.

Name FRC/YouGov: Audit Committee Chairs’ views on, and approach to, audit quality (2022)
Publication date 26 January 2022
Type Report
Format PDF, 1.7 MB
Name FRC/YouGov: Audit Committee Chairs’ views on, and approach to, audit quality (2020)
Publication date 2 December 2020
Type Report
Format PDF, 899.8 KB