FRC launches consultation on strengthening Audit Firm Governance Code

Released 26 August 2021

The Financial Reporting Council (FRC) has announced a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in order to promote high-quality audit and audit market resilience.

The revisions:

enhance and clarify the role played by partnership boards in holding management to account and separate the roles of board chair and senior partner/chief executive;

introduce criteria for board composition and reinforce the position of independent non-executives within audit firms; and

emphasise the importance of long-term sustainability, people, culture, and employee engagement, in line with the UK Corporate Governance Code.

The consultation closes on 18 November 2021.

Further information can be found at https://www.frc.org.uk/news/august-2021-(1)/frc-announces-proposals-to-strengthen-significantl.

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