Companies have one more month to comment on proposed revisions to the Turnbull Guidance, which sets out “best practices” on internal control for public companies in the United Kingdom, and assists them in complying with internal control requirements.
Almost exactly one year ago, the UK-based Financial Reporting Council established a group to review the 14-page guidance, which was published in 1999 by the Institute of Chartered Accountants in England and Wales. The group’s goal was to revise the guidance as necessary, and to bring it up to date following the 2002 passage of the Sarbanes-Oxley Act.
