FRC lab calls for feedback on role of audit committees

The Financial Reporting Council (FRC) is looking for stakeholders and investors to take part in its first Audit and Assurance Lab pilot project exploring the role of audit committee reporting and its role in promoting audit quality, which is set to start this month

In its first phase, the project will look at 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. This will include consideration of improvements that have been made in recent years.

The second phase will focus on auditors’ reports to audit committees, including how they can better support audit committee reporting.

This is a new lab focusing on audit and assurance, which will provide in-depth research into audit trends and practices, in the same way as the FRC's Financial Reporting Lab has driven reporting standards.

The regulator says the phase one 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 two project report will be published in the first half of 2018.

The FRC is looking for audit committee members, companies, investors and audit firms to participate in this work.  Anyone interested should apply by 11 August via email at AuditandAssuranceLab@frc.org.uk

Details of the audit & assurance lab project on audit committee reporting are here.

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