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The role of the ICAEW in corporate governance

Since the establishment of the Cadbury Committee in 1991, the ICAEW has played a significant role in the development of corporate governance in the UK.

Through reporting and auditing, chartered accountants support transparency and the flow of reliable information between management, boards, shareholders, regulators and other stakeholders. They therefore play a key role in facilitating the direction, control and oversight of companies.

The Turnbull Guidance on Internal Control was published by the ICAEW in 1999 and was approved by the SEC as a framework for compliance with the section 404 of the Sarbanes-Oxley Act.

In 2005, we collaborated with the Financial Reporting Council in producing the Revised Guidance for Directors on the Combined Code in relation to internal control. The ICAEW was also instrumental in the consultation process that led to the Higgs Report on Corporate Governance.

We participate in public consultations and submit technical representations on public consultations in both the UK and Europe.

Our thought leadership programme, Dialogue in corporate governance, aims to facilitate better understanding of pressure and opportunities that arise in increasingly international capital markets.

Using our publications, roundtable events and face-to-face meetings, we encourage dialogue around business, investment accountancy and policy issues. Our aim is to challenge commonly held assumptions, identify critical questions and set challenges for future research.

Through our consultancy service, we also help organisations achieve stronger corporate governance. Working with experts who have worked with policy-makers, directors and boards around the world, the service offers a bespoke approach that encompasses a range of activities. These include briefing sessions on compliance issues, reviewing board performance and coaching and mentoring directors and senior managers, to ensure that responsibilities are discharged effectively.