Guidance on Risk Management, Internal Control and Related Financial and Business Reporting

This guidance revises, integrates and replaces the current editions of the Financial Reporting Councils (FRC) Internal Control: Revised Guidance for Directors on the Combined Code and Going Concern and Liquidity Risk: Guidance for Directors of UK Companies, and reflects changes made to the UK Corporate Governance Code (the Code).
It aims to bring together elements of best practice for risk management; prompt boards to consider how to discharge their responsibilities in relation to the existing and emerging principal risks faced by the company; reflect sound business practice, whereby risk management and internal control are embedded in the business process by which a company pursues its objectives; and highlight related reporting responsibilities.
While it is hoped that this guidance will be useful to other entities, it is primarily directed to companies subject to the Code. It applies to such companies for accounting periods beginning on or after 1 October 2014.