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Internal Control. Guidance for Directors on the Combined Code, 1999

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Summary

This guidance is intended to: (1) reflect sound business practice whereby internal control is embedded in the business processes by which a company pursues its objectives; (2) remain relevant over time in the continually evolving business environment; and (3) enable each company to apply it in a manner which takes account of its particular circumstances. The guidance requires directors to exercise judgement in reviewing how the company has implemented the requirements of the Code relating to internal control and reporting to shareholders thereon. The guidance is based on the adoption by a company’s board of a risk-based approach to establishing a sound system of internal control and reviewing its effectiveness. This should be incorporated by the company within its normal management and governance processes. It should not be treated as a separate exercise undertaken to meet regulatory requirements.

Thumbnail image for This guidance is intended to: (1) reflect sound business practice whereby internal control is embedded in the business processes by which a company pursues its objectives; (2) remain relevant over time in the continually evolving business environment; and (3) enable each company to apply it in a manner which takes account of its particular circumstances. The guidance requires directors to exercise judgement in reviewing how the company has implemented the requirements of the Code relating to internal control and reporting to shareholders thereon. The guidance is based on the adoption by a company’s board of a risk-based approach to establishing a sound system of internal control and reviewing its effectiveness. This should be incorporated by the company within its normal management and governance processes. It should not be treated as a separate exercise undertaken to meet regulatory requirements.
Issuer

United Kingdom

Year

1999

Region

Europe

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Voluntary


Main industries targeted
  • Finance & Insurance
  • Agriculture, Forestry, Fishing & Hunting
  • Professional, Scientific, & Technical Services
Restrictiveness

Very Low

Sustainable Development Goals (SDGs)
  • SDG 4: Quality Education
  • SDG 5: Gender Equality
  • SDG 14: Life Below Water

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