In section 494ZA (the maximum engagement period) [Section 494ZA was inserted by regulation 12(14) of S.I. 2017/516. Subsection (5) was amended by paragraph 20 of Schedule 1 to S.I. 2017/1164.] -

(a) in subsection (5)(a)(ii), omit "and" at the end;

(b) for subsection (5)(a)(iii) substitute -

"(iii) if the company is a private company and does not have an audit committee, a selection procedure that complies with the requirements of section 485B(4),

(iv) if the company is a public company and does not have an audit committee, a selection procedure that complies with the requirements of section 489B(4),";

(c) in subsection (5)(b) after "Audit Regulation" insert "as it had effect immediately before IP completion day".