The effect of amendment No. 32 would be to restrict the scope of the mandatory requirement to establish an audit committee to listed public limited companies. It would leave it optional for unlisted public limited companies to establish an audit committee. If they decided not to, they would merely have to explain the reason. It would remove any requirement on any private company to establish an audit committee or explain the reason. It would also eliminate any laying down in legislation of a set of responsibilities to be discharged by audit committees.