FRC welcomes publication of a draft code of practice to enhance dialogue between auditors and supervisors of regulated firms

News types: Guidance

Published: 10 February 2011

FRC PN 321
The Financial Reporting Council today welcomes the publication by the Bank of England and the Financial Services Authority of a draft code of practice designed to enhance the dialogue between auditors and supervisors of FSA regulated firms. The draft code, which is subject to consultation, will provide a framework to enable regulators and audit firms to work together in an open and collaborative way.

Stephen Haddrill, Chief Executive of the Financial Reporting Council, said:

“The FRC was pleased to participate in the Working Group established by the Bank of England to develop a framework for enhancing the relationship and information flows between auditors and supervisors. Implemented successfully, we believe the code will enhance both the effectiveness of the audits of regulated firms and the auditor’s contribution to prudential regulation. We encourage all interested parties to read and respond to the consultation”.

Notes to Editors

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

  2. The consultation can be found at: www.fsa.gov.uk/pages/Library/Policy/guidance_consultations/2011/11_05.shtml


Document created under a former FRC operating body.

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