LATEST UPDATE

FRC Publishes Further Supporting Materials as Part of SME Audit Campaign

As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has released further supporting material to help SMEs to confidently and effectively engage with the annual audit process.

The summary document is available on: https://media.frc.org.uk/documents/What_is_an_audit.pdf and provides stakeholders with insights into the key considerations and principles that guide a successful audit. It also sets out the key public interest benefits that audit provides for shareholders and potential investors, and the employees, suppliers and other stakeholders that rely on the long-term viability of a business.

Alongside the ‘What is an audit?’ explainer, the FRC has released a podcast episode, available on:

https://www.frc.org.uk/news-and-events/videos-and-podcasts/what-is-an-audit

In the podcast, Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, and project directors Ramana McConnon and Peter Kitson discuss the crucial role audit plays in enhancing trust, confidence and transparency in financial statements.

To engage further with the FRC and discuss this important topic, email  stakeholderengagement@frc.org.uk