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تاريخ التسجيل : 11/11/2010
 |  موضوع: Risk Management and Internal Control الجمعة أكتوبر 07, 2011 11:21 am | |
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'Internal Control: Guidance to Directors'
'Internal Control: Guidance to Directors' ("the Turnbull guidance")
sets out best practice on internal control for UK listed companies, and
assists them in applying section C.2 of the UK Corporate
Governance Code.
The guidance was originally published in 1999. In 2004 the FRC set up
a group chaired by Douglas Flint (then Group Finance Director, HSBC
Holdings plc) to review the guidance and update it where necessary, in
the light of experience in implementing the guidance and developments in
the UK and internationally since 1999.
The guidance can be downloaded from this website, and printed copies
can be obtained free of charge from CCH Information (tel: 0870 777 2906
or online at www.frcpublications.com).
Turnbull guidance October 2005 (56kb)
Documents associated with the 2004-05 review and consultation can be found at www.frc.org.uk/corporate/reviews.cfm
During the first half of 2011 the FRC held a series of meetings with
companies, investors and advisers to discuss how companies were
implementing the new Principle in the UK Corporate Governance Code that
boards were responsible for determining the nature and extent of the
significant risks they were willing to take in achieving their strategic
objectives. As a result of those discussions, the FRC concluded that
the guidance should be reviewed to ensure that it properly reflects the
role of the board. This review will be carried out during 2012,
and further information will be made available in due course.
In August 2011 the FRC published a report summarising the main issues
to emerge from these discussions. The report is not guidance, but is
an attempt to capture comments from participants in the belief that they
may be helpful to other companies in thinking about their own approach
to risk.
Boards and Risk
Section 404 of the US Sarbanes-Oxley Act 2002
The US Securities and Exchange Commission (SEC) has identified the
Turnbull guidance as a suitable framework for complying with US
requirements to report on internal controls over financial reporting, as
detailed in Section 404 of the Sarbanes-Oxley Act 2002 and related SEC
rules.
The FRC published on December 2004 a guide for UK and Irish companies registered with the SEC on the use of the Turnbull guidanc
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