10 Questions
What is the main responsibility of non-executive directors regarding financial information?
To satisfy themselves on the integrity of financial information
What is the primary objective of a company's internal control system?
To facilitate the company's effective and efficient operation
How often are directors required to conduct a review of the effectiveness of the group's system of internal controls?
Annually
What is the purpose of the 'Orange Book'?
To provide guidance on risk management
What is the primary requirement of the Corporate Governance Code Principle C.2?
To maintain a sound system of internal control
What is the primary function of governance in an organization?
To exert strategic control over business functions through policies and objectives
According to the Turnbull Report, where should risk management and internal control be incorporated?
Within the company's normal management and governance processes
What is the role of the board according to the UK Corporate Governance Code?
To provide entrepreneurial leadership within a framework of prudent and effective controls
What is a key responsibility of the board according to the UK Corporate Governance Code?
To assess and manage risk
What is the focus of Section C.2 of the Code?
Risk management and internal control
Test your knowledge on corporate governance and the Turnbull Report which provides guidance on risk management and internal control within companies' management and governance processes.
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