FRC revamps audit committee guidance
FRC releases new consultation document to revise guidance to take forward the audit choice project.
The UK’s accountancy watchdog has unveiled changes to guidance for audit
committees to take forward its project to open up the audit market.
The Financial Reporting Council is concerned by the dominance of the Big
Four, and has proposed a series of changes to the way in which the market
operates.
It
released
a consultation document today on changes to guidance for audit committees,
which redrafts current guidance in the light of the recommendations of the
Market Participants’ Group, the body tasked by the FRC with taking forward the
audit choice debate.
Further Reading:
Read
the consultation document