The Financial Reporting Council (FRC) has published these practical suggestions to help companies undertake an effective process when they put their audit contracts out to tender. Following the introduction in the Corporate Governance Code in October 2012 of the provision for FTSE 350 companies to put their audit contract out to tender every ten years on a comply or explain basis, the FRC was asked by Audit Committee chairmen and others to provide some practical examples of how a tender might be conducted. The FRC’s publication has been produced following a series of roundtables which involved Audit Committee chairmen, investors, finance directors and auditors, all of whom shared their views and experiences of the audit process.