Poem by Frost for audience (5)
I believe the answer is:
rhyme
'poem' is the definition.
(I know that rhyme is a type of poem)
'frost for audience' is the wordplay.
'frost' becomes 'rime' (rime is frost formed by freezing water vapour).
'for audience' shows a homophone (sound like) (how it might sound to an audience).
'rime' is a homophone of 'RHYME'.
'by' acts as a link.
(Other definitions for rhyme that I've seen before include "End with a similar sound" , "Be like 'cat' and 'mat'" , "Have the same final sound - poetry" , "Nursery verse?" , "Correspond in sound" .)