Auditing and Assurance Standards and Guidance

Miscellaneous Auditing Documents

APB Audit Briefing Paper - Providing Assurance on the Effectiveness of Internal Control

Appendix II - Internal control requirements of the Combined Code, the Listing Rules and associated APB guidance

Internal control requirements of the Combined Code
Principle D.2 of the Code states that 'The Board should maintain a sound system of internal control to safeguard shareholders' investment and the company's assets'.
Provision D.2.1 states that The directors should, at least annually, conduct a review of the effectiveness of the group's system of internal control and should report to shareholders that they have done so. The review should cover all controls, including financial, operational and compliance controls and risk management'.
Provision D.2.2 states that 'Companies which do not have an internal audit function should from time to time review the need for one'.
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