We know from discussions with stakeholders that retendering and auditor rotation contributes to improved confidence in audit and we have also seen evidence of competition on grounds of audit quality. Thus, the FRC considers it a good time to update its notes on how best to support an effective tender process. This new document includes more emphasis on involving the whole Audit Committee in the process; engaging with the firms before the process starts to ensure that the right teams are presented; the long lead time required for an effective and smooth running process and appropriate engagement with investors.