The Turnbull Report's guidance required companies to report whether the board had reviewed the system of internal control and risk management, and encouraged, but did not require, the board to express an opinion on the effectiveness of the system. The close coupling of internal control and risk management in the report echoes similar developments in the US and Canada where other influential reports have emphasised the importance of risk management as well as internal control. The study explores the range of activities undertaken by internal audit departments, their role within companies and the impact of the Turnbull guidance on internal audit.
|Place of Publication||Scotland|
|Publisher||The Institute of Chartered Accountants of Scotland|
|Number of pages||130|
|Publication status||Published - 2004|