U.K. governance code revisions: Boards lead on culture, audit supports

Corporate culture, internal controls, and assurance moved up the boardroom agenda with the publication of the U.K.’s revised corporate governance code and its supporting guidance.

While the code increases focus on the internal controls framework and requires boards to make an internal controls declaration, further details emerged in the guidance, published Jan. 29.

The guidance is not prescriptive, but it defines good practice and clarifies the Financial Reporting Council’s (FRC) intentions.