Audit committee members, companies, investors and audit firms have been invited by the Financial Reporting Council (FRC) to participate in a pilot project of the Audit and Assurance Lab.
The project aims to explore the role of the audit committee in reporting and promoting audit quality. The project starts from July 2017 and will look at how investors’ confidence in audit is supported or enhanced by two key areas.
Firstly, the external reporting in accordance with the UK Corporate Governance Code including the improvements in auditors’ reports (Phase 1) and secondly, how they can better support audit committee reporting (Phase 2).
The Phase 1 project report will be published for consideration before the December 2017 year-ends and the Phase 2 project report will be published in the first half of 2018.
Further information on the Audit and Assurance Lab can be found here.