The Turnbull guidance sets out best practice on internal control for UK listed companies, and assists them in applying section C.2 of the Combined Code.
The Turnbull guidance was originally published in 1999. In July 2004 the FRC set up a group chaired by Douglas Flint (Group Finance Director, HSBC Holdings plc) to review the guidance and update it where necessary, in the light of experience in implementing the guidance and developments in the UK and internationally since 1999.
Following the review the FRC published updated guidance in October 2005. It applies to listed companies for financial years beginning on or after 1 January 2006.