Internal Controls Reform (UK SOX)

Internal Controls Reform (UK SOX)

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Internal Controls Reform (UK SOX)

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The UK government is set to publish the long-awaited white paper which will include changes to the audit industry and rules similar to the US Sarbanes-Oxley regulations for internal controls over financial reporting (ICFR). We are assisting UK listed companies to set-up the foundation to establish their internal control programmes with the financial reporting risks as the starting point. Although the timeline for the regulation to come into force and the requirements for UK ICFR are not established at this stage, UK listed companies should prepare themselves for the upcoming regulatory reform to stay ahead of the upcoming change.
If you would like to discuss how we can assist you, please contact:

Trevor Hillier

Surya Mantha

Key actions for UK listed companies or those considering a listing:

  • Assess Current State: Perform a ‘Rapid Diagnostic and Assessment’ of the risk and current controls landscape (consider fraud & technology risks), benchmark against best practice ICFR’s and/or UK early adopters to develop a roadmap to build your ICFR framework
  • Establish Governance and Accountability: Define the right Governance model considering people and culture aspects, including the definition of clear lines of accountability and responsibility for financial and IT Risks and Controls to sustain the desired future state
  • Develop a Programme & Stakeholder Engagement PlanAssess reporting and documentation standards, define the approach, agree on cadence, and identify resources, technology, and stakeholders
  • Define a Phased Approach: Select the location and processes for a pilot, consider the use of technology (e.g., process mapping, workflow, documentation). Learn from the pilot, roll-out across the organisation