The Emergence of Global Minimum Tax: Navigating Internal Control Implications

In the ever-evolving landscape of international taxation, a seismic shift is underway with the introduction of the global minimum tax. Spearheaded by the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) 2.0 Inclusive Framework, this coordinated effort aims to align multinational corporations with a common international tax system, introducing a...

Double Materiality and CSRD: A Dual Focus on Impact and Dependence

With the introduction of the Corporate Sustainability Reporting Directive (CSRD) by the European Union, businesses with operations or commercial presence in the EU are set to undergo significant changes in their sustainability reporting practices. One of the important concepts of the CSRD is double materiality. It includes i) Impact Materiality, how the company’s operations impact...

The use of AI in Management Consulting

The world of consulting is undergoing a revolution, and at the forefront of this transformation is the integration of AI-driven technologies by suppliers, particularly in the form of ChatGPT and similar technologies, which are reshaping the way individuals and businesses seek advice. Traditionally, navigating the complexities of laws and regulations has been a daunting task,...

Decoding UK ESG: Understanding the Changes in Corporate Governance Code

With the recent publication of the revised UK Corporate Governance Code by the Financial Reporting Council (FRC), UK Environmental, Social, and Governance (ESG) practices and sustainability in corporate governance are set to see some drastic changes from January 2025. This new code, focusing on sustainability, continues to operate on a “comply or explain” basis, signifying...

Draft UK Cyber Code: Impact on Cyber Insurers

In an attempt to bring improvement in cyber governance in the United Kingdom, the government recently unveiled a draft Cyber Governance Code. Specifically designed to guide directors and business leaders, the draft code seeks to enforce better cyber risk governance across organisations. The Scope of the Draft Code The draft code, co-designed with a consortium...

AI Risk Management: The Crucial Role of Internal Auditors

As artificial intelligence (AI) continues to advance and becomes more integrated into business operations, internal auditors must stay vigilant about the associated risks.  AI presents exciting opportunities for driving innovation and efficiency,. It also introduces significant challenges that organisations cannot afford to overlook. Here are six critical AI risks that internal auditors should have on...

Analysis of the UK Government’s Risk to Net Zero Policies

The UK Government has set ambitious targets to achieve net-zero greenhouse gas emissions by 2050. This bold commitment is a significant step towards mitigating climate change and its adverse effects on the country. However, the path to achieving net-zero emissions is not without its challenges and risks. The UK Government faces four main challenges in...

Navigating the Essential Stages of ERP Implementation

What is ERP? ERP (Enterprise Resource Planning) implementation refers to the process of integrating and deploying an ERP system within an organisation. An ERP system is a software solution that helps businesses manage and automate various core functions such as finance, human resources, supply chain management, manufacturing, and customer relationship management. For a successful implementation,...

Exploring the UK’s Response to Governance Failures

ZR Consultants (ZRC) have been anticipating the implementation of “UK SOX” for the last few years.  We have posted about its clear benefits and the outcomes. It was disappointing to see the announcement last month by the UK government that nearly all of the proposed changes to the governance code are being scrapped. The government...

Assessing UK Government’s Alternatives to SOX for Big Corps

Is the UK Government’s Exploration of Options Beyond SOX-style Legislation for Large Corporations Viable? In recent years there has been a growing debate surrounding the need for mandatory SOX-style legislation for large private companies in the UK. There is no doubt that the UK can learn from the experience of the US in adopting SOX-style...

Scroll to top