These were the results of a survey conducted by the CRSA Forum and ACCA (the Association of Chartered Certified Accountants) at ACCA's March conference on risk management. Of the 100 delegates who attended from the private and public sectors, 99% agreed that Turnbull needs re-examination following recent corporate scandals.
Paul Moxey, ACCA head of risk management and corporate governance, said: "While the UK, rightly in ACCA's view, believes in a principles-based approach to assessing internal controls, much of the world appears to be moving towards a regulatory response. Without a formal review of Turnbull, the UK is in danger of being pushed down a rules-based road.
"There is no question that Turnbull, annexed to the Combined Code is a invaluable device. Regrettably, the whole process now seems somewhat undermined by the challenge of finding a suitable means for measurement of the effectiveness of one's internal control systems. A better solution than Sarbanes-Oxley - one which builds upon the experience gained in applying Turnbull - is required."