On 24 January 2014, the GC100 responded to the Financial Reporting Council's ("FRC") consultation paper on Draft Guidance to Directors on Risk Management, Internal Control and the Going Concern Basis of Accounting ("Integrated Code Guidance"), reported in our January 2014 newsletter. The GC100 noted that the Integrated Code Guidance presents a very extensive list of what boards and management teams are now expected to do, but lacks explanation of how they are to be done. It thus finds that this Guidance is less helpful than its 2005 predecessor. The GC100 then goes on to set out its response to specific questions raised in the consultation paper and proposes certain drafting changes.
The GC100's response is available at:
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