Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Audit committee definition

What does Audit committee mean? An audit committee is a board committee, typically comprised wholly or mainly of independent non‑executive directors, that oversees financial reporting, internal control, risk management and the external audit on behalf of the board. In the UK, this is a descriptive term, but detailed requirements derive from FCA DTR 7.1 (for issuers with securities admitted to a UK regulated market) and from the Statutory Auditors and Third Country Auditors Regulations 2016, as amended, which onshore the EU Audit Regulation (Regulation (EU) 537/2014) for public‑interest entities. Best practice is set by the UK Corporate Governance Code (revised 2024) and the FRC’s Guidance...

Internal investigations: UK lawyers’ urgent checklist on legal professional privilege, evidence and communications

Published by a LexisNexis Risk & Compliance expert

Precedents

1 Decide who should conduct and support the investigation

General counsel should determine the most suitable way to run the investigation, though they may form a dedicated committee including appropriate board or audit committee members. Identify a ‘client contact’ as the primary liaison within the company. This person must be senior enough to issue instructions and make decisions for the business, and must have no involvement in the alleged conduct. Consider whether to appoint:

external legal advisers to reinforce the (perceived) independence and integrity of the investigation and to provide a stronger basis for legal professional privilege (LPP);
an external data vendor to collect and process relevant material and assist with forensic tasks, such as recovering deleted data where required;
media relations experts to help deliver effective public messaging and to monitor the impact of any adverse press.

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Web page updated on 22/05/2026

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