184-34 Audit Committees. Combined Code Guidance. A Report and proposed Guidance by the FRC-appointed group chaired by Sir Robert Smith (the Smith Report)

Summary

The aim of the report is to clarify the role and responsibilities of audit committees and to develop the Combined Code guidance. The report includes specimen terms of reference for an audit committee and an outline of the section to be included in a company’s annual report on the activities of the audit committee. Guidance from the Smith report is now contained in the FRC Guidance on Audit Committees and the Combined Code has now been superseded by the UK Corporate Governance Code in respect of accounting periods beginning on or after 29 June 2010.

Thumbnail image for The aim of the report is to clarify the role and responsibilities of audit committees and to develop the Combined Code guidance. The report includes specimen terms of reference for an audit committee and an outline of the section to be included in a company’s annual report on the activities of the audit committee. Guidance from the Smith report is now contained in the FRC Guidance on Audit Committees and the Combined Code has now been superseded by the UK Corporate Governance Code in respect of accounting periods beginning on or after 29 June 2010.

Issuer

United Kingdom

Year

2002

Region

Europe

Issuer (type)

Financial Reporting Council (FRC) (Financial Regulator)

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Mandatory

Main industries targeted

Finance & Insurance
Professional, Scientific, & Technical Services
Education
Administrative, Support, Waste Management

Restrictiveness

Low

Sustainable Development Goals (SDGs)

SDG 5: Gender Equality

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