Turnbull Report

Turnbull Report

A 1999 report to listed companies on the London Stock Exchange reminding them of their obligations to maintain good corporate governance, specifically through internal controls and audits. It derives its name from Nigel Turnbull, the head of the group that authored the report.
References in periodicals archive ?
The so-called Turnbull report, written in 2013, claims that Lloyds had evidence of the fraud in October 2008, just months before the lender rescued HBOS at the height of the financial crisis.
The consultation, on whether to merge this with the Turnbull report on internal financial controls for listed companies, is one on which the FRC won't be hurried, according to Hogg.
Beginning with a section on the necessity of information security in modern digital and networked business practices, the volume covers topics such as the UK combined code, the Turnbull Report and the Sarbanes-Oxley Act, ISO standards, information security policy, risk assessment, asset management, human resources security, physical security, communications and operations management, e-commerce, access control, network access control, cryptographic controls, and business continuity management.
This edition takes into account the Turnbull Report and describes corporate, strategic business, and project level risk.
In the wake of a number of recent spectacular cases of fraud, the 1998 Combined Code (on corporate governance) and the 1999 Turnbull report (on internal controls) both give internal auditing a much higher profile.
The SEC noted there may be other "suitable, recognized" control frameworks, including "Guidance on Assessing Control," published by the Canadian Institute of Chartered Accountants (CICA), www.cica.ca, and the Turnbull Report, published by the Institute of Chartered Accountants in England & Wales.
This suggests the Turnbull Report on risk management clearly remains work in progress.
Codes of conduct such as the Turnbull Report of 1999, which requires managers to provide an annual statement to confirm they have an ongoing process for evaluating risk, reinforce this.
He noted that the topic of corporate management is receiving much attention in the United States and the United Kingdom, especially since the release last fall of the Turnbull report by the Institute of Chartered Accountants of England and Wales.
'These figures are particularly alarming given the Turnbull report's requirements on risk control,' said Mark Doleman, partner at Deloitte & Touche in Birmingham.