On 19 December 2019, the FRC reissued its practice aid to help audit committees evaluate audit quality. This is reissued guidance the first version of which was issued by the FRC in 2015. The guidance requires a premium listed company's audit committee to review the effectiveness of the audit process. The re-issued guidance's background material has been consolidated and shortened, with new sections addressing the audit tender process and the matters that the audit committee report must cover.
The FRC's practice aid can be found here.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
