AUDIT TENDERS NOTES ON BEST PRACTICE

AUDIT TENDERSNOTES ON best PRACTICE FEBRUARY 2017 Financial Reporting Council The Financial Reporting Council (FRC) is the UK s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for AUDIT in the UK the FRC sets auditing and ethical standards and monitors and enforces AUDIT FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, wheth

4 Audit Tenders Notes on best practice – February 2017 Introduction We know from discussions with stakeholders that retendering and auditor rotation contributes to improved confidence in audit and we have also seen evidence of competition on grounds of audit quality. Thus, the FRC considers it a good time to update its notes on how best

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