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The Turnbull Guidance (1999), otherwise known as the Internal Control: Revised Guidance for Directors, sets out best practice on internal control for UK listed companies, and is used to demonstrate compliance with the risk management and internal control requirements of Section C.2 of the UK Corporate Governance Code (formerly the Combined Code). The Code states that boards should maintain a sound system of internal control, conduct a review of the effectiveness of that system at least annually, and report to shareholders that they have done so.
Updated guidance was released by the Financial Reporting Council (FRC), the UK's independent regulator for corporate reporting and governance, in 2005. The FRC intends to conduct another review of the Guidance in 2012.