Last month, the UK Financial Reporting Council (FRC) launched a consultation on its draft proposal of a minimum standard for audit committees' oversight of the external auditor relationship and audit quality.
After the consultation, the final standard will be available to audit committees voluntarily by the end of 2023. However, the guidelines will likely become mandatory when the Audit, Reporting and Governance Authority (ARGA), a proposed regulatory agency poised to replace the FRC, is implemented in the coming years.
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