UK: auditors and supervisors - FSA/Bank of England draft code published

The Financial Services Authority and Bank of England have today published a draft code of practice regarding the relationship between the external auditor and supervisor: see here (pdf). The purpose of the code is to enhance the dialogue between auditors and supervisors. The code outlines the principles that establish, with regard to firms authorised by the FSA, the nature of the relationship between the supervisor and firm's auditor, the form and frequency that communication between the auditor and supervisor should take, and the responsibilities and scope for sharing information.