The Financial Reporting Council (FRC) today issued a consultation document on the Turnbull guidance on internal control.
The FRC is seeking views on the effectiveness of the guidance, in what ways it may need to be updated, and what information companies should be asked to disclose to their shareholders. If changes are proposed as a result, there will be a second consultation on draft revised guidance in mid-2005. The intention is that any revised guidance to directors will take effect for accounting periods commencing on or after 1 January 2006.