The
Financial Reporting Council has today published preliminary information about its new approach to the monitoring of the 'Big Six' audit firms (as part of its
recently announced three year strategy): see
here. This will include, as part of the FRC's examination of firms' leadership and governance, the articulation of expectations regarding the skills, experience and attributes of candidates for Heads of Audit and Ethics partner positions as well as independent non-executives. The FRC will provide firms with feedback on how well appointees meet these expectations and, because it does not have specific powers to do so, will rely on firms' cooperation.
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