“What approach are companies adopting to the incorporation of the new FRC Guidance for Audit Committees? Are they updating their AC terms of reference to include the new Code text and the incorporating the FRC guidance by reference it – or adopting a more comprehensive approach i.e. writing in the FRC guidance into their terms of reference?”
As part of our Annual Review we are considering changes.
We have no plan to update ahead of our general annual review. If any changes considered appropriate, we’d do it then.
I agree with the comments made previously.
Having reviewed the Guidance and the Audit Committee’s Terms of Reference, we do not believe it is necessary to amend the Terms of Reference as they already encompass the revised Guidance.
Neither. Having reviewed our existing terms and the guidance, we don’t feel changes are necessary. In our view, the only change of any real substance is the mandatory audit tendering and we don’t see any need to refer to that in the Audit Committee terms of reference