The Effective Board

Audit tendering: the requirements of the revise Code and Guidance on Audit Committees

In September 2012, the Financial Reporting Council (“FRC”) published revisions to the UK Corporate Governance Code (“the Code”) and revised Guidance on Audit Committees (“the Guidance”).  The Guidance is designed to assist company boards in making suitable arrangements for their audit committees, and to assist directors serving on audit committees in carrying out their role.  While boards are not required to follow this guidance, it is intended to assist them when implementing the relevant provisions of the Code. Included in the revised Code is a new requirement which broadly requires listed companies in the FTSE350 to tender their external audits every 10 years or explain why they have not done so.  The new requirements were subject to extensive consultation in 2011 and 2012. The FRC has announced that it will be holding discussions with audit committee chairs, finance directors, audit partners and investors to consider whether further guidance on tendering would be useful.

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For us, good governance is about good performance.

Yes, compliance matters.  But our work is about helping you make sure your organisation…is led effectively by a board that adds value…is kept under control through risk management and assurance frameworks that meet your needs…and is “doing the right thing”.

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