The Turnbull Report was first published in 1999 and set out best practice on internal control for UK listed companies. In October 2005 the Financial Reporting Council (FRC) issued an updated version of the guidance with the title 'Internal Control: Guidance for Directors on the Combined Code'.
The FRC held a series of meetings with companies, investors and advisers in 2011 which were summarised in the report Boards and risk (PDF 388kb/17 pages) published in September 2011. One of the conclusions reached was that whilst the guidance was "still broadly fit for purpose, some change was needed to reflect the role of the Board as articulated in the new version of the [UK Corporate Governance] Code. The FRC intends to carry out a limited review during 2012."
The report
Internal Control: Guidance for Directors on the Combined Code (PDF 120kb/24 pages)
Updated version of the Turnbull guidance published by the Financial Reporting Council on 13 October 2005. The updated version took effect for financial years beginning on or after 1 January 2006. The accompanying press release (PN 124) summarised the main changes to the Turnbull Guidance (Annex A).
Further information is available on the risk management and internal control page on the FRC website.
Online articles
The library provides access to a range of articles in full text from leading business, finance and management journals.
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Useful links
The Turnbull guidance as an evaluation framework for the purposes of Section 404(a) of the Sarbanes-Oxley Act (FRC)
Guide 'on the use of the Turnbull guidance when complying with US requirements to report on internal controls over financial reporting'. Published on 16 December 2004.
Archived reports and guides
Review of the Turnbull Guidance on Internal Control: Proposals for updating the guidance (FRC)
Consultation paper published by the FRC on 16 June 2005.
Review of the Turnbull Guidance on Internal Control: Evidence Paper
FRC paper published on 16 June 2005 analysing the responses to the evidence gathering public consultation paper issued on 2 December 2004.
Implementing Turnbull: A Boardroom Briefing
Briefing published by the Centre for Business Performance (ICAEW) in September 1999 aimed at providing directors with a number of straightforward steps in the implementation of the Turnbull guidance.
Internal Control: Guidance for Directors on the Combined Code
The first version of the guidance on the implementation of the internal control requirements of the Combined Code on Corporate Governance. The guidance is also known as 'The Turnbull Report'. Issued by the ICAEW in September 1999.
Articles and books in the Library collection
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