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Christian Elmes's blog

Internal control systems

WHAT IS AN INTERNAL CONTROL SYSTEM?

According to the Turnbull guidance in the UK Combined Code, control systems need to:

  • Safeguard company assets
  • Maintain the efficient running of the business
  • Protect the accuracy of financial reporting information
  • Protect the company from breaking laws and regulations



There are several ways in which control can be achieved in an organisation:

Governance in different countries and organisations

UK COMBINED CODE OF BEST PRACTICE

Corporate Governance in the UK is covered by the Combined Code, a document that developed over a number of years. The Code is kept up to date by the UK Financial Reporting Council (FRC).

 

History of the Combined Code