Changes to Financial Reporting Council: UK Corporate Governance Code 2024

Blog by: Acuity Risk Management

The Financial Reporting Council (FRC) has introduced the newest edition of the UK Corporate Governance Code, demonstrating a substantial move towards enhancing corporate governance practices.

The changes follow from the FRC review of the UK Corporate Governance, Corporate Reporting, and Audit systems in response to three independent reviews on the audit product, statutory audit services market, and the regulation of that market. The Government’s publication of its response outlines proposed legislative reforms, detailing the responsibilities of directors, preparers of financial and non-financial information, auditors, providers of assurance services, and actuaries in accordance with the recommendations of the Brydon Review, Competition and Markets Authority Review and Kingman Review.

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