Business Ethics and Corporate Governance, Second Edition

THE TURNBULL COMMITTEE, 1999

The Turnbull Committee was set up by the Institute of Chartered Accountants in England and Wales (ICAEW) in 1999 to provide guidance to assist companies in implementing the requirements of the Combined Code relating to internal control.

The committee

• provided guidance to assist companies in implementing the requirements of the Combined Code relating to internal control;
• recommended that where companies do not have an internal audit function, the board should consider the need for carrying out an internal audit annually; and
• recommended that the boards of directors confirm the existence of procedures for evaluating and managing key risks.

Corporate governance is constantly evolving to reflect the current corporate, ...