Governance in brief
A summary of the latest developments
Governance in brief is a summary of the latest corporate governance developments, incorporating details of the source, relevant dates and links to further information
FRC advises audit committees to take care with disclosure of AQR findings
FRC cautions audit committees to take care if they wish to mention that an Audit Quality Review (AQR) inspection has taken place of the audit file of their company. In particular, the inspection grade must not be disclosed and care must be taken not to imply that the FRC endorses the financial statement judgements. The FRC will be consulting on the CMA’s request to address disclosure of audit inspection findings during 2015 and 2016 with a view to introducing relevant Code changes in 2016.