2018 UK Corporate Governance Code—Section 4—Audit, risk and internal control
2018 UK Corporate Governance Code—Section 4—Audit, risk and internal control

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • 2018 UK Corporate Governance Code—Section 4—Audit, risk and internal control
  • Mini-index
  • Section 4—Setting the scene
  • Principle M
  • Principle N
  • Principle O
  • Provision 24
  • Provision 25
  • Provision 26
  • Provision 27
  • More...

This Resource Note outlines the main provisions of Section 4 (Audit, risk and internal control) of the UK Corporate Governance Code (UKCG Code) and highlights relevant third party materials, guidance, commentary and analysis, as well as our own resources, to give practical guidance on its application.

Materials covered in this Resource Note include:

  1. the Financial Reporting Council (FRC)'s 2018 Guidance on Board Effectiveness

  2. the FRC's 2016 Guidance on Audit Committees

  3. the FRC's Guidance on Risk Management and Internal Control and Related Financial and Business Reporting (September 2014) (2014 Guidance)

  4. guidance issued by the Chartered Governance Institute (previously known as ICSA: The Governance Institute) (CGI)

  5. the 2020 United Kingdom and Ireland Proxy Voting Guidelines published by Institutional Shareholder Services (ISS)

  6. the Stewardship Guide and Voting Guidelines 2020 published by the Pensions and Lifetime Savings Association (PLSA)

  7. the UK Shareowner Voting Guidelines, published by Pensions Investment Research Consultants Ltd (PIRC), available for purchase from PIRC's website

  8. the Guidelines on Viability Statements (November 2016) published by the Investment Association (IA)

  9. the Listing Rules

  10. Disclosure and Transparency Rules

  11. the Companies Act 2006 (CA 2006)

  12. The Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 (Statutory Audit Services Order)

  13. Directive 2014/56/EU of the European Parliament and European Council amending Directive 2006/43/EC (Statutory Audit Amending Directive)

  14. Regulation 537/2014 of the

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