UK FRC Code Updates to Target Enhanced Audit Quality, Trust

The UK Financial Reporting Council’s (FRC) CEO Richard Moriarty has confirmed updates to its corporate governance code should be published in the next few weeks. In the council’s ‘In-Conversation’ podcast, Moriarty also said that he will conduct a fundamental review of the stewardship code after the corporate governance code update, but did not give a clear indication of when it will arrive. In November, the FRC’s annual review of corporate governance reporting noted while some companies provided “high quality and insightful reporting”, many still lack sufficient clarity. The current corporate governance code The current UK Corporate Governance Code was published in July 2018, and held a public consultation on the code between May and September last year. The Stewardship Code 2020 was introduced in 2019 and applies to asset owners, managers and service providers. Moriarty said a key priority of the FRC in 2024 is to continue to enhance the quality and trust of audits through our supervisory activities. He added that a core goal for the FRC this year is to “engage intensively” with stakeholders to understand what they need from council for it to deliver its “core public interest whilst supporting the UK’s growth and competitiveness”.

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