UK audit firm governance code

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18 Jan, 2010

An independent working group established jointly by the United Kingdom Financial Reporting Council and the Institute of Chartered Accountants in England and Wales has adopted a code of governance for the eight largest auditing firms in the UK.

Together, the eight firms audit 95% of the companies listed on the main board of the London Stock Exchange. The Audit Firm Governance Code is similar to governance codes that have been adopted by listed companies. Among other things, the code will require the eight audit firms to appoint independent, non-executive directors. The code takes effect in June 2010.
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