In Part 11 (appointment of auditors) -

(a) in regulation 38A (the maximum engagement period) [Regulation 38A was inserted by paragraph 12 of Schedule 3 to the Statutory Auditors Regulations 2017 (S.I. 2017/1164).], in the modified section 494ZA -

(i) in subsection (5)(a)(ii), for "Article 16(3) and (4) of the Audit Regulation" substitute "section 485B(4)";

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

(b) in regulation 38B (interpretation) [Regulation 38B was inserted by paragraph 12 of Schedule 3 to the Statutory Auditors Regulations 2017 (S.I. 2017/1164).], in the modified section 494A -

(i) for the definition of "audit committee" substitute -

""audit committee" means a body which performs -

(a) the functions referred to in -