AccountancyAge: FTSE 100 providing more audit tenure information
The UK's largest listed businesses are providing more information about the tenures of their current auditors in response to tendering provisions laid down by the FRC. Richard Crump reports.
According to analysis by Black Sun 63% of FTSE 100 annual reports gave either the number of years they have been with their current auditor or the year when the tender last took place.
Companies are now required to put their audits out to tender at least every ten years or explain why they haven't under changes to the FRC's corporate governance code. But while businesses provided information about their last external tender, information about when the next tender will take place is covered by far fewer companies, the report found.
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