FSA is consulting on a draft code of practice on which it has worked with the Bank of England to enhance the dialogue between supervisors and external auditors of firms. The code is aimed at improving the effectiveness of audits and making sure supervisors get better information about the firms they regulate. The draft code sets out principles auditors and supervisors should follow and, for some firms, specifies a minimum level of formal meetings between auditors, supervisors and firms. FSA asks for comments by 25 March. (Source: FSA/PN/023/2011 and Guidance Consultation: Code of Practice for the relationship between the external auditor and the supervisor)