In March 2009, the Institute of Chartered Secretaries and Administrators (ICSA) published an updated version of its paper entitled "Guidance on Terms of Reference – Audit Committee". The paper, last published in 2007, has been updated to reflect the changes made to the Combined Code on Corporate Governance and the guidance on audit committees published by the Financial Reporting Council in June and October 2008 respectively.

For more details on the changes made by the FRC to the Combined Code and the Guidance on Audit Committees, please see our articles on each of these topics included in the June and October 2008 editions of our E-Bulletin: FRC issues revised Combined Code and FRC publishes updated Guidance on Audit Committees.

View the updated ICSA Guidance on Terms of Reference – Audit Committee (9 page pdf).