FRC publishes revised Audit Firm Governance Code
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”.
Click for:
- Press release (link to FRC website)
- Audit Firm Governance Code – Revised 2016 (link to FRC website)
- Our previous UK Accounting Plus news item on the consultation for changes to the Code
