Internal control: the Turnbull guidance

Good internal controls should ensure that the company's management systems, accounting records, asset maintenance and compliance issues are operating correctly. In relation to financial years begiinning before 1 October 2014, this note details the board's responsibilities for internal control, the recommendations of the Turnbull guidance and practical steps for their implementation, the risks to be covered, establishing an effective internal control system and reviewing it, and reporting to shareholders.The FRC's Internal Control: Guidance to Directors (known as the Turnbull guidance) is effective for financial years beginning before 1 October 2014.


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