The Institute for Chartered Secretaries and Administrators (ICSA) recently published a revised guidance note 'Terms of reference for the audit committee'. The note has been revised to reflect the latest version of the UK Corporate Governance Code (the Code) which was published in April 2016 and the FRC's Guidance on Audit Committees which was also updated in April 2016. It includes model terms of reference for the audit committee of a company seeking to comply fully with the requirements of the Code. The list of duties contained in the model terms of reference are based on what is considered best practice as carried out in some of the UK's largest listed companies. The note 'Terms of Reference for the audit committee' can be found here.