Approving Items in SharePoint and updating taxanomy fields

class Program
{
static void Main(string[] args)
{

try
{
SPSite site = new SPSite(ConfigurationManager.AppSettings["SiteURL"]);

using (SPWeb web = site.OpenWeb())
{
SPList list = web.Lists["LstIndexTechnotices"];
SPListItemCollection coll = list.Items;
foreach (SPListItem item in coll)
{
Add(site, item, item.Fields["IndexSeries"] as TaxonomyField, "FTSE All World Index Series");
item.ModerationInformation.Status = SPModerationStatusType.Approved;
item.Update();
}
}
}
}

static public void Add(SPSite site, SPListItem item, TaxonomyField taxField, string strValue)
{
TaxonomySession session = new TaxonomySession(site);
TermStore termStore = session.TermStores[taxField.SspId];
TermSet termSet = termStore.GetTermSet(taxField.TermSetId);
TermCollection terms = termSet.GetTerms(strValue, false);
if (terms.Count > 0)
{
taxField.SetFieldValue(item, terms[0]);
}
item.Update();
}