Summary
Despite speculation in the financial press that the final guidance on internal control would be essentially similar to April’s consultative document, the final guidance was significantly tightened by the removal of the option for a single annual review. This should act to discourage bureaucratic procedures that provide neither the depth nor quality of information provided by the now required regular review process. KPMG is particularly pleased to see that the final guidance reflects many of the recommendations made in their response to the consultative document.