Governance in Brief — FRC issues Practice Aid to help audit committees assess audit quality

Published on: 03 Jun, 2015

In 2012, changes to the UK Corporate Governance Code asked audit committees to explain in the Audit Committee Report in the Annual Report how they have assessed the effectiveness of the external audit process.  At the time no guidance was issued to assist with this task.  The FRC’s Practice Aid is intended to provide audit committees with some guidance on audit quality and best practice to provide them with a collective ability to challenge the auditor to demonstrate that they have performed a high quality audit, and evaluate the auditor’s responses.

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