The UK Financial Conduct Authority (FCA) has released FG13/3 – Code of Practise for the relationship between the external auditor and the supervisor, giving advice on information disclosure and the nature of the relationship between supervisors and auditors.
The code says there should be at least one bilateral formal meeting for regulated firms per year.
It also suggests at least one routine bilateral meeting per year between audit firms and the regulator to discuss "themes arising from other regulated firms supervised by the FCA that are audited by these audit firms."
The code of practise takes into account the three broadly supportive responses received to a Guidance Consultation Paper which ran between March and April 2013, however no changes were made as a result of them.
Previously, the Financial Services Authority had such a code of practise in place; however the body was split into the FCA and the
Prudential Regulation Authority (PRA) in April 2013, by the Financial Services Act 2012.
The PRA will issue a separate Code of Practise in due course.