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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The PRA will issue a separate Code of Practise in due course.

Related Link:

The Financial Conduct Authority