Call for participants in FRC audit committee reporting project

11 Jul 2017 01:17 PM

Audit committee members, companies, investors and audit firms are being invited to participate in pilot project of the Audit and Assurance Lab, to explore the role of Audit Committee reporting in promoting audit quality. The project will commence in July 2017 and 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 [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 [2]).

The Phase 1 project report will be published in time for consideration for December 2017 year-ends. This will focus on the good practice elements of existing audit committee reporting, and encourage audit committees to consider adopting the practices if appropriate, in the context of their own reporting. The Phase 2 project report will be published in the first half of 2018.

The Audit & Assurance Lab seeks to promote best practice in a safe environment by engaging with stakeholders including audit committees, companies, investors, and auditors in a collaborative environment to understand their perspectives on an issue. It does not form part of policy, interpreting or monitoring requirements.

[1] Participation requested from audit committee members, companies, investors and audit firms

[2] Participation limited to audit committee members, companies and audit firms