On 18 December 2017, the Financial Reporting Council (the "FRC") announced publication of its pilot Audit & Assurance Lab report. The report is a pilot project of the FRC's Audit and Assurance Lab, which encourages audit committees, companies, investors and auditors to collaborate on best practice on audit-related issues.
The report highlights that investors particularly look to the audit committee to give them confidence in the appointment of the external auditor, to monitor the auditor's independence and objectivity and promote audit quality.
The report can be accessed here:
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