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Terms of reference for the audit committee

This guidance note proposes model terms of reference for the audit committee of a company seeking to comply fully with the requirements of the UK Corporate Governance Code, published in July 2018 (the Code) and reflects the FRC Guidance on Audit Committees (FRC Guidance), published in April 2016. It draws on the experience of company secretaries and is based on good practice as carried out in some of the UK’s largest listed companies.

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