Smith report

Smith report
The report of the independent group, chaired by Sir Robert Smith, to clarify the role and responsibilities of audit committees and to develop the existing Combined Code guidance. The Smith review was set up in 2002 by the Financial Reporting Council (FRC). This group worked closely with the Higgs review and in its report (the Smith report) issued in January 2003, it proposed changes to provisions in the Code dealing with the composition and role of the audit committee and its reporting to shareholders. The Smith report included specimen terms of reference for an audit committee and an outline of the section to be included in a company's annual report on the activities of the audit committee.
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