We use cookies to make this site as useful as possible. Read our cookie policy or allow cookies.

Terms of reference for the audit committee

Companies are required to go through a formal process of considering their internal audit and control procedures, assessing the effectiveness of the external audit process, and overseeing the relationship with their external auditor. As part of this process, it is essential that the audit committee is properly constituted with a clear remit and identified authority, and that it has processes in place to enable directors serving on audit committees to perform their role.

This guidance note reflects the additional audit committee responsibilities set out in the UK Corporate Governance Code, published April 2016 (the Code) and draws on the experience of company secretaries and is based on best practice as carried out in some of the UK’s largest listed companies.

Download document