We were very pleased to read the recommendations of the Review Group for updating the Turnbull Guidance. The changes proposed protect the established advantages of the Turnbull approach while adding clarity in some matters and improving the relationship of the Guidance to the Combined Code and the Smith guidance on audit committees.
The Review Group seem to have done a very good job. The preservation of the wide-ranging scope of the matter addressed while generally avoiding prescription of how the guidance is to be applied is particularly welcome. The trap of seeking to eliminate risk rather than to look to its identification and management has been avoided.
