Accountancy firm Grant Thornton today issued a ‘wake-up call’ to audit committees of Britain’s largest companies. Its survey published today revealed that 55% of FTSE-350 companies failed to meet even the minimum recommendation of the Turnbull report.
The report, put together by the ICAEW in 2000, issued guidance on how UK company directors should comply with the Combined Code of Corporate Governance.
But the report by Grant Thornton showed that while the majority of large companies said they comply with the rules outlined in the report, 80% have failed to truly embrace its principles.
Two in three companies appeared to be aware that they should make some effort to embed the process of risk management and internal control within their culture, but only 16% made the effort to explain how they were ensuring it was implemented in their organisation.
‘Instead of wholly embracing the changes, companies are merely ticking boxes to ensure that they comply with the bare minimum rather than embracing the spirit,’ said Simon Lowe, risk management services partner at Grant Thornton.
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