CLLS Response to FRC consultation in respect of the Draft Minimum Standard for Audit Committees

The CLLS Company Law Committee responded to the FRC consultation in respect of the Draft Minimum Standard for Audit Committees. The proposed draft minimum standard would apply to audit committees of FTSE 350 companies in relation to the appointment and oversight of auditors. The Standard is proposed in anticipation of the Government’s intention to give the Auditing, Reporting and Governance Authority the power to set minimum requirements on audit committees in relation to such appointment and oversight.