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The process of improving corporate governance in the UK began with the Cadbury Report and ended with the current revised Combined Code of Corporate Governance. Aspects of this code were revised in 2004 by the Financial Reporting Council, who considered the impact of internal control and whether it needed to be updated.
Financial reporting was not seen as being a truthful representation of a company's position after the major scandals. This caused people to be distrustful of the documents and the people responsible for the creation of those documents. In an attempt to combat this, the Cadbury Report was set up in 1992, led by Sir Adrian Cadbury...
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