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.
•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.