We met first in September and were required to report by the end of the year. The FRC’s announcement invited comments on the issues raised in our terms of reference. In addition, we wrote to representative organisations and to leading audit firms inviting their comments and assistance. A list of those who offered comments is given in Appendix V. We have looked at experience in other countries and noted current developments in the United States, the European Union and elsewhere – see Appendix III. Our terms of reference instructed us to liaise closely with Derek Higgs, who has been conducting a review of the role and functions.
