Business Assurance

The UK Corporate Governance Code (formerly the Combined Code) which was updated in April 2016 requires Public Companies to embed sound risk management and internal control systems within their organisations and to provide a statement on the effectiveness of the framework established

Many companies that are not obliged to adhere to The Code nevertheless decide to adopt its values as a matter of good practice, ensuring an appropriate financial control environment is in place and that its effectiveness is constantly monitored

Pinnacle Partnering recognises that in recent years there has been immense pressure on organisations to reduce costs but still increase the level of review and scrutiny of key financial controls. An appropriate solution to this 'cost-benefit' issue is outsourcing the requirement to a consultancy like Pinnacle Partnering which has the expertise and experience in creating the desired financial control and corporate governance structure - efficiently

The role of internal audit and risk management has changed significantly in recent years with a move away from purely compliance work to the provision of services that add tangible value in terms of risk reduction, cost savings and procedural improvements - the function of internal audit should 'pay for itself'!

The Governance Code for Community, Voluntary and Charitable Organisations (in Ireland) was issued by the Governance Code Working Group in October 2016. It is an extensive piece of guidance and recommended best-practice and has been conveniently split into three forms to take account of the varying sizes and complexities of the numerous organisations operating in the not-for-profit sector in Ireland. As expected, for the larger ("Type C") organisations, the recommended practices and levels of accountability and transparency are far greater than for organisations with minor funding and/or employee numbers.

Our review of the Governance Code indicates that is includes many of the requirements of the full-blown UK Corporate Governance Code which, as mentioned above, applies to companies listed on a recognised Stock Exchange! Suffice to say, Boards and Trustees will be very busy over the coming year or two bringing their organisations into line with the high standards set by the Code.

Overall, Pinnacle Partnering is ideally positioned to provide a cost-effective, results-based and practical service offering consistent with the principles of the UK Corporate Governance Code and Governance Code for Community, Voluntary and Charitable Organisations.