Turnbull Report
The Turnbull Report was UK guidance issued in 1999 on directors’ responsibilities for internal control under the Combined Code. Its historical significance is the board’s responsibility for an ongoing control process, rather than reliance on a year-end checklist. Later guidance and governance codes have developed these requirements, so a modern compliance answer must use the applicable current framework.
Worked example
A board considers controls over purchasing throughout the year, including authorisation failures and corrective action. This illustrates the continuing control responsibility associated with the historical guidance, without claiming that the 1999 document is today’s governing rule.
Common mistake
Calling Turnbull a current universal risk-management standard or suggesting that controls guarantee fraud prevention.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | SBL | Supporting | September 2026–June 2027 |