The objectives of the Operating Procedures are to:

• demonstrate that the Committee has satisfactory procedures in place for the purpose of carrying out its statutory functions; and
• provide transparency about the review process to those companies whose accounts and reports may be reviewed, and to complainants, investors, and the public generally.

Changes have been proposed as a result of:

• the need to reflect the implementation of FRC Board approved recommendations following an independent review, in 2015, of the FRC’s Audit Quality Review (AQR) and Corporate Reporting Review (CRR) functions to assess their efficiency and effectiveness; and
• a demand for transparency in respect of the review process and greater clarity in the content of the Operating Procedures.

A number of changes have been proposed including changes to the structure of the Operating Procedures, a more detailed description of the review procedures and changes to streamline the review process. 

Comments are invited until 4 January 2017.

The press release, consultation paper and the revised Operating Procedures are available on the FRC website.