The UK response to the global debate around the information available to investors on 'audit related' matters has been two fold. First, the revised UK Corporate Governance Code now recommends disclosure in the annual report of the significant issues considered by the audit committee in relation to the financial statements and how those issues were addressed. Secondly, the Financial Reporting Council's (FRC) recent proposals to 'extend' the auditor's report will ensure audit risk, materiality and scope are addressed.