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Audit committees - useful links

Practical guidance and other information on the work and responsibilities of the audit committee from external websites

FRC Guidance Further guidance Checklists Surveys Reporting Newsletters, networks and forums See also

FRC guidance

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Audit Committees and the External Audit: Minimum Standard
  • May 2023
  • Financial Reporting Council
The primary objective of this standard is to enhance performance and ensure a consistent approach across audit committees within the FTSE350. By setting out clear expectations and guidelines, the FRC aims to support the delivery of high-quality audits and reinforce public trust in the financial reporting process. The standard will apply to FTSE350 companies.
Audit quality practice aid for audit committees
  • May 2005
  • Financial Reporting Council
In response to requests for guidance in this area, the FRC issued this practice aid to assist audit committees in evaluating audit quality.
Audit, risk and internal control
  • Jul 2018
  • Financial Reporting Council
The FRC published the revised Guidance for board effectiveness in July 2018. Section 4 Audit, risk and internal control looks at the audit committee's (or risk committee's if separate) responsibility in this area.
Developments in audit
  • Nov 2021
  • Financial Reporting Council

Guidance from the FRC, last published in 2021 on development on standards and guidance in audit, including the role of the audit committee, quality monitoring, oversight of professional bodies, enforcement and future plans and strategy. An index of previous reports is included, going back to 2011/12.

FRC Guidance on Board Effectiveness
  • Jul 2018
  • Financial Reporting Council
The FRC published the revised Guidance for board effectiveness in July 2018. Section 4 Audit, risk and internal control looks at the audit committee's (or risk committee's if separate) responsibility in this area.
Guidance on audit committees
  • Apr 2016
  • Financial Reporting Council
The guidance, issued by the FRC in April 2016, 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.
Lab project report: Reporting of Audit Committees
  • Dec 2017
  • Financial Reporting Council
FRC report published December 2017, providing insight from companies and investors on effective approaches to the Audit Committee reporting which they have been obliged to provide in the company’s annual report,since 2012. The 2013 Lab project report is also available.
Revised guidance on the strategic report
  • Jul 2018
  • Financial Reporting Council
The 2018 Guidance has been enhanced to recognise the increasing importance of non-financial reporting while maintaining the key principles of existing guidance. The FRC believes that the integration of non-financial information into the strategic report is a key part of telling a company’s story
UK Corporate Governance Code
  • Jan 2024
  • Financial Reporting Council
Section 4 – Audit, risk and internal control - from the UK Corporate Governance Code 2024 (for accounting periods beginning on or after 1 January 2025)
Section 4 - Audit, risk and internal control - from the UK Corporate Governance Code 2018.
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See also

Further information about the background of the guidance and links to previous editions are available from our dedicated page on the FRC Guidance on Audit Committees. 

Guidance on Risk Management, Internal Control and Related Financial and Business Reporting - this guidance, from September 2014 integrates and replaces the FRC's Internal Control: Guidance to Directors and Going Concern and Liquidity Risk: Guidance for Directors of UK Companies. It links the guidance on internal control (Formerly known as the 'Turnbull guidance') with emerging good practice for risk management following the FRC's Board and Risk report and final recommendations of the Sharman Panel of Inquiry into Going Concern and Liquidity Risk.

Further guidance

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A Practical guide for Audit Committees of mid-market companies
  • Sep 2015
  • BDO
A guide from BDO on the role and responsibilities of the Audit committee with practical considerations.
Audit Committee effectiveness 2020 Framework
  • Jan 2021
  • Deloitte
This practical self assessment guide and checklist covers all aspects of the audit committee’s remit for companies outside the financial sector.
Auditing Practices Committee Archives
  • Dec 2022
  • University of Manchester
Information on the special collection of Auditing Practices Committee (APC) papers from 1971 to 1991 held by John Rylands University Library.
Getting real value from the audit tender process
  • Jan 2018
  • Audit Committee Institute
  • KPMG
Guidance on the audit tender process from the Audit Committee Institute, part of the KPMG Board leadership Centre.
Guidance for audit committees on cloud services
  • Apr 2019
  • National Audit Office
NAO guidance providing an overview of cloud services and outlining government policy on their use. It then sets out specific questions for audit committees to consider asking when engaging with their management at three stages: Assessment; Implementation; Management.
Harnessing the power of internal audit
  • Feb 2019
  • Chartered Institute of Internal Auditors
This IIA guidance is designed to help the audit committee and other stakeholders to harness the power of internal audit for the good of their organisations.
Non executive directors: Are you getting the right information to govern?
  • Apr 2011
  • Audit Committee Institute (KPMG)
  • KPMG
Guidance document published by the Audit Committee Institute (ACI) in April 2011 providing 'insights into the type of information that non-executive directors may receive from management and what it might look like in practice.
Terms of reference for the audit committee
  • Jan 2020
  • The Chartered Governance Institute UK & Ireland
CGIguidance note that complies "fully with the requirements of the UK Corporate Governance Code, published in July 2018 (the Code) and reflects the FRC Guidance on Audit Committees (FRC Guidance), published in April 2016."
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Checklists

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Assessing the effectiveness of the external audit process: A practical guide and tool for audit committees
  • Website
  • 01 Aug 2005
This EY document is guide and tool to help audit committee assess and report on the effectiveness of the external audit process. This PDF is editable allowing users to highlight text, write notes, add comments.
Assessing the performance of the audit committee
  • Website
  • 01 Jan 2014
This Ernst & Young checklist can be used by audit committees to perform a self evaluation or by boards as part of their assessment of the performance of the audit committee. The checklist was updated in January 2014.
Audit Committee Institute
  • Website
  • 17 Mar 2021
The KPMG sponsored Audit Committee Institute's website contains a toolkit, which is "an expanded collection of practical and useful frameworks providing audit committee members with examples they can consult and tailor when carrying out certain tasks as part of their audit committee oversight duties".
Charity audit committee performance evaluation
  • Website
  • 01 Sep 2016
This Deloitte document provides charity audit committee members with a checklist covering what is required of them, to assess performance and identify areas for further development. While the checklist is not mandatory under charity legislation, it is recognised as a best practice benchmark for audit committees.
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Surveys

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Audit Committee Chairs’ views on, and approach to, audit quality
  • Dec 2020
  • YouGov
  • Financial Reporting Council /YouGov
YouGov survey for the FRC aiming to explore ACCs’ views on, and approach to, audit quality. The FRC was seeking a more detailed understanding of ACCs’ views to help inform its work to support Audit Committees in their role of driving high quality audits. The previous FRC Audit Committee Survey was in 2015.
Audit committee
  • Mar 2021
  • Deloitte
Audit Committee hub page from Deloitte. Includes surveys such as the Audit Committee disclosure in proxy Statements trends and best practice guidance and tools such as the Audit committee resource guide and the Audit committee brief newsletter.
Global audit pulse
  • Sep 2019
  • KPMG
To help identify the pressing challenges facing audit committees – and their boards and businesses – in the current environment and in the months ahead, KPMG's Global Audit Committee Survey captures the views of nearly 800 audit committee members and chairs in 4 countries on a range of issues. KPMG publishes other Audit Committee surveys including Audit quality,  Auditor transition and Changing auditors.
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Reporting

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A gathering storm: an analysis of audit committee reporting
  • Dec 2015
  • BDO
BDO's latest (December 2015) annual analysis of audit committee reporting considers the reports issued in the second year that the 2012 UK Corporate Governance Code was effective. Annual reports from 90 FTSE-listed companies with year ends falling between 30 September 2014 and 31 July 2015 were reviewed.
Corporate Governance Review
  • Jun 2022
  • Grant Thornton
Grant Thornton's review of the annual reports of 252 of the UK’s FTSE 350 companies. The section on audit committees looks at how successfully the reports cover significant financial statement issues, auditor tenure and independence, audit fees and risk and internal control disclosures.
Improving the quality of ‘comply or explain’ reporting
  • Feb 2021
  • Financial Reporting Council
FRC document which is intended to help companies improve transparency when reporting against the 2018 UK Corporate Governance Code and advise them on how to achieve good quality explanations when departing from the Code.
Lab project report: Reporting of Audit Committees
  • Dec 2017
  • Financial Reporting Council
FRC report published December 2017, providing insight from companies and investors on effective approaches to the Audit Committee reporting which they have been obliged to provide in the company’s annual report,since 2012. The 2013 Lab project report is also available.
Revised guidance on the strategic report
  • Jul 2018
  • Financial Reporting Council
The 2018 Guidance has been enhanced to recognise the increasing importance of non-financial reporting while maintaining the key principles of existing guidance. The FRC believes that the integration of non-financial information into the strategic report is a key part of telling a company’s story
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Newsletters, networks and forums

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Audit committee brief
  • Deloitte
Monthly newsletter from Deloitte's (US) Center for Board Effectiveness that 'provides audit committee members with recommendations, overviews of corporate governance resources, regulatory and legislative environment outlooks, and technical updates'.
Audit Committee Institute
  • KPMG

The Audit Committee Institute (ACI), part of the KPMG  Board Leadership Centre, 'provides guidance and resources to audit committees, helping to facilitate the skills and knowledge required'.

UK Centre for Board Matters
  • EY
Ernst & Young network for Non-executive directors and audit committee members. offers networking, technical workshops, thought leadership, guidance and webinars and podcasts.
Centre for Audit Committee and Investor Dialogue
  • Mazars
Run by Mazars in association with five institutional investor groups, the Centre for Audit Committee and Investor Dialogue aims to promote dialogue between audit committees and their shareholders. A regular debrief of their meetings is freely available.
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See also

Please see these pages for further links on the work of the audit committee:

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