Corporate Reporting Insights 2023: Audit Tendering
Corporate Reporting Insights (CRI) helps boards navigate new disclosure requirements, emerging practices, and growing expectations for greater transparency and accountability.
The Financial Reporting Council’s (FRC's) recently published Audit Committees and the External Audit: Minimum Standard calls for more informative disclosure regarding the audit committee’s oversight of the external auditor and the tender of the external audit. Although not yet mandatory, the FRC encourages audit committees to have regard to the provisions in the Minimum Standard.
Our survey looks at how 25 of the most recent FTSE 350 companies that have both undertaken an external audit tender and published their subsequent annual report measure up to the expectations in Minimum Standard Provision 25.
