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FRC calls for participants for its pilot Audit and Assurance Lab project on audit committee reporting

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12 Jul 2017

The Financial Reporting Council (FRC) is calling for participants for its pilot Audit and Assurance Lab project into the role of Audit Committee reporting in promoting audit quality. Audit Committee members, companies, investors and audit firms are invited to participate in the project that will commence in July 2017.

The project will explore how investors’ confidence in audit is enhanced by, and supported through:

  • the external reporting by audit committees in the annual report, in accordance with the UK Corporate Governance Code (Phase 1). This includes consideration of improvements that have been made in recent years; and
  • auditors’ reports to audit committees, including how they can better support audit committee reporting (Phase 2).

A report for phase 1 is expected to be published in time for consideration for December 2017 year-ends.  A report for phase 2 will be published in the first half of 2018.

Further information including the press release is available on the FRC website.

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