Thanks to Jim Hamilton for drawing my attention to a recent recent report on Internal Controls -- A Review of Current Developments by the International Federation of Accountants. Jim blogged about the report here last week.
IFAC's report is available through their website with a free registration. The report recognizes the close linkage between internal controls and corporate governance. Ultimately, corporate directors are charged with managing a company's risks. At the request of the London Stock Exchange, the Institute of Chartered Accountants in England and Wales (ICAEW) issued what is referred to a Turnbull guidance regarding a principles-based system of internal controls. The board of directors must establish policies relative to internal controls, and the company's management must implement those policies.
See full Article.
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