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FRC publishes revised Audit Firm Governance Code

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27 Jul 2016

The Financial Reporting Council (FRC) has today published a revised version of the UK Audit Firm Governance Code (“the Code”). It is applicable for financial years beginning on or after 1 September 2016.

The Code, the revision of which was consulted on in December 2015, “provides a benchmark of good governance practice against which firms which audit listed companies can report”.  It has the following objectives:

  • To promote audit quality.
  • To help the firm secure its reputation more broadly, including its non-audit businesses.
  • To reduce the risk of firm failure, which in relation to the largest firms would be of systemic significance. 

The Code has been updated to “further promote good governance of audit, align more with the UK Corporate Governance Code, enhance transparency and improve engagement between firms, investors and Independent Non-Executives”. 

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