UK Audit & Governance Reforms (UK SOX)
ZR Consultants (ZRC) has been closely monitoring the developments of UK Audit & Governance Reforms (also referred to as “UK SOX”) since the publication of the Brydon review in 2019.
The UK has been preparing for changes into Audit and Corporate Governance (UK SOX) for the last 4 years. ZRC are at the forefront in advising clients on the changes that are likely to come into effect in the foreseeable future.
The Corporate Governance Reform is intended to address numerous areas. Some of the key areas are:
- Changes to the companies that are defined as Public Interest Entities (PIE) widening the net of companies that come into scope and are expected to comply with certain regulatory requirements.
- Implementation of a new regulator, Audit, Reporting and Governance Authority (ARGA) with expanded powers.
- Changes to the external auditor regimes.
- Director attestation over internal controls.
- Assurance over non-financial reporting.
- Other annual report disclosure requirements including fraud risk and controls, resilience statement, and capital maintenance / distributable reserves.
- Audit and Assurance Policy.
ZRC can help your organisation with the following:
- Prepare for Directors Statements to be filed on the effectiveness of Internal Controls (Financial & Non-Financial including ESG)
- Conduct regular inspections of Internal Audits
- Monitor all financial reports and keep a record of transactions to ensure accurate financial reporting
- Encourage open and honest communication with business stakeholders