Thursday, 28 July 2016
A revised edition of the UK Audit Firm Governance Code was published today by the Financial Reporting Council: see here (pdf). Further information about the changes and additions made to the Code (including a very useful table summarising the differences) is available in the accompanying feedback statement: see here (pdf). One change proved particularly controversial on consultation: the requirement to have at least three non-executive directors. The revised Code suggests that there should be three such directors but recognises that two may be appropriate for some firms (provision C.1.1).