Wednesday 10 July 2013

UK: FRC publishes best practice guidance for audit tendering

The Financial Reporting Council has published guidance to assist companies with the tendering of their external audit contracts: see here (pdf). In its guidance notes the FRC takes the opportunity to repeat its opposition to mandatory audit firm rotation and cites arguments in support of its preferred approach: requiring, on a comply or explain basis, FTSE 350 companies to put their audit out to tender every ten years.

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