• Search in Protiviti.com

UK Corporate Reform

Preparing for UK SOX.

The Financial Reporting Council (FRC) has issued the final updates to the 2024 UK Corporate Governance Code following a 12-week consultation period. The initiative is part of the 'Restoring Trust in Audit and Corporate Governance' reform package and is the first major update to the Code since 2018. As reported in November 2023’s FRC Policy Update, after receiving feedback, much of the existing Code remains the same. This includes the principle of the Board’s ability to “comply or explain” and applies to premium listed companies (PLCs), whether incorporated in the UK or elsewhere. Most of the updates will take effect from 1 January 2025. Only Provision 29 of Section 4, which pertains to the enhanced responsibility of boards in overseeing risk management and internal controls, will become applicable from 1 January 2026.

Helping you plan, prepare for, and deliver efficient, effective and sustainable compliance

We can help you with:

  • Expert Guidance on Audit and Risk Management on developing and implementing effective risk management programmes, as well as establishing internal control frameworks with defined accountability across the three lines of defence. We can help you identify, manage, and mitigate material financial, operational, reporting and compliance risks, ensuring your organisation is well-prepared to meet the new disclosure requirements Director Statements.  
     
  • Streamlining Processes and Controls with Analytics and Automation to enhance risk assessment and automate control operation. Our innovative solutions can help you gain real-time insights, improve efficiency, and reduce errors in your internal control and risk management processes. This can not only help you comply with the new proposed Code requirements but also drive operational excellence. 
     
  • Tailored Controls and Programme Strategies - We understand that every organisation is unique. That's why we offer tailored solutions to meet your specific needs. We can use our suite of tailored risks, controls, and technology accelerators to fit your organisation to then help you design optimised controls and develop a comprehensive programme strategy that aligns with your objectives.

UK Internal Controls Reform (UK SOX)

Key Questions to Consider Now:
Pro Document Consent

Are You Listed or Plan to Be?

Is your company currently listed or plan to do so? Is your company meeting the criteria of the proposed UK PIE definition and potentially in scope for the upcoming regulation?

 
Pro Briefcase

Are Your Prepared?

Are you prepared for the potential requirements of the upcoming UK Corporate Reform (e.g., Do you have an internal controls framework in place)? If yes, does it cover key business, technology, compliance, and financial reporting risks?

 
Pro Building office

Any Past Issues Identified?

Were there any past instances of ‘fraud’, financial statement errors or restatements or other significant audit issues identified?

 
Pro Rightmark Square

Are You Automated?

Are your internal controls automated to the right level to provide a platform for efficient assurance?

 
Pro Document Files

Are You Utilising Technology?

Are you leveraging data, technology, and automation to manage your internal controls programme?

 
Pro Document Stack

Are There Any Major Change Programmes?

Are there any planned or ongoing changes that have a long-term impact on the business? Do these programmes consider internal controls in the target future state?

 
Pro Screen System Integration

Do You Have an Evaluation Process?

Do you have a process in place to routinely evaluate operational effectiveness of your internal controls?

 
Pro Workflow Flowchart

Can You Meet the Demands?

Do you have the skills and resources to address the requirements of the upcoming internal control reforms?

 

Our approach

We are global leaders in internal controls and financial reporting compliance, we'll get you ready

Our global network of SOX specialists continually monitors developments and changes within the landscape. We listen, and our experts can help you plan for the impending regulation.

We are global leaders in internal controls and financial reporting compliance, we'll get you ready

Key partners

We partner with leading software companies to provide direction and deliver an automated testing approach with speed and convenience.
Auditboard
Microsoft
UiPath
Celonis
FastPath Logo

Leadership

Mark Peters
Mark Peters
Mark is Managing Director in the London office in the UK. Mark leads the Internal Audit & Financial Advisory Practice in the UK. He has over 25 years of business, technology and operational risk consulting experience gained from serving a variety of companies ...
Learn more
Surya Mantha
Surya Mantha
Surya is a Director in Protiviti’s Internal Audit and Financial Advisory (IAFA) practice for 10 years and leads client work in the areas of internal controls and internal audit. Prior to joining Protiviti, Surya has worked for 10 years at Ernst & Young (Delhi, Dubai ...
Learn more
Andrew Wieser
Andrew Wieser
Andrew has been a part of Protiviti’s Internal Audit & Financial Advisory practice since 2014 and transferred to the UK office in 2016. He is a member of Protiviti’s Global SOX champions network, UK co-lead of the Controls Advisory offering, and a member of the ...
Learn more
Martin Douglas
Martin Douglas
Martin is a Director with Protiviti and is an IT Auditor with over 25 years IT Audit and IT Consulting experience gained across various industry sectors. Prior to joining Protiviti, Martin was a Principal Advisor at KPMG, London, where he worked with a number of high ...
Learn more
Loading...