UK: FRC consultation - audit framework - Ethical and Auditing Standards, UK Corporate Governance Code and Audit Committee Guidance Guidance

The Financial Reporting Council has published a consultation paper titled Enhancing Confidence in Audit in which it sets out proposed revisions to its ethical and auditing standards, UK Corporate Governance Code and Audit Committee Guidance: see here and here. The revisions being proposed to the Code, available here (pdf), relate principally to the competence of the audit committee and its members; they are being made to reflect changes in the EU statutory audit framework (in particular Article 39 of the revised Statutory Audit Directive 2006/43/EC).