Update on UK Corporate Reform (Internal Controls) - June 2022
As a result of the UK Government’s Department for Business, Energy and Industrial Strategy (BEIS) consultation, March 2021, you have been asking us a number of questions like what this means for you and your business, what are the key requirements of the potential reform and how you can kick start your compliance journey.
Whilst these new reforms will increase focus on the robustness of internal control frameworks, the advantages of establishing a framework of internal controls over financial reporting (ICFR) range far beyond only compliance. ICFR will improve process performance and steer the business successfully in times of change and disruption. If companies view this as an opportunity to change and be more financially and operationally resilient, they will derive greater benefits and will have an increased likelihood of achieving their strategic goals.
Download our helpful guide to kick start your internal controls and financial reporting compliance journey.