Write short notes on the following: Discuss the Accountability Principles of the UK Corporate Governance Code, 2014.

Accountability principle of the UK Corporate Governance Code, 2014 are as under : Financial and Business Reporting: The board should present a fair, balanced and understandable assessment of the company's position and prospects. Risk Management and Internal Control: The board is responsible for determining the nature and extent of the principal risks it is willing to take in achieving its strategic objectives. The board should maintain sound risk management and internal control systems. Audit Committee and Auditors: The board should establish formal and transparent arrangements for considering how they should apply the corporate reporting, risk management and internal control principles and for maintaining an appropriate relationship with the company's auditors.