The Turnbull Guidance provides a set of best practices on internal control for UK publicly listed companies and assists them in applying section C.2 of the Combined Code. First established in 1999, and updated in 2004 by a review group of the UK Financial Reporting Council (FRC). Following the review the FRC published the updated guidance in October 2005.
In this Guidance the importance of regular and systematic assessment of the risks at a business, and the value of risk management and internal control systems within business processes, is stressed. The responsibility to communicate the importance of the internal control statement is handed over to the board. Turnbull recommends an internal control statement to be a part of any company’s annual report. An internal control statement provides an opportunity for the board to help shareholders understand the risks facing the company.
BWise assists an organization with Turnbull compliance with its Governance, Risk and Compliance (GRC) software. BWise Internal Control allows managers and stakeholders to set and test controls and create an internal control framework. From this framework Key Risk Areas can be found and reviewed. Using BWise Internal Control can lead to better risk management and financial reporting, fulfilling the requirements of the Turnbull guidance.
Regular internal audit is an important part of Turnbull and BWise Internal Audit assists in this area. A public company’s internal audit department is regularly assessing the company, its employees and its controls. BWise Internal Audit presents a well rounded solution for an internal audit department providing audit planning, audit work assignments, working paper management, audit workflow management and comprehensive audit reporting.
BWise solutions enable stakeholders and management to measure and manage risks and to comply with regulations and guidance like Turnbull.
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