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.

Key Questions to Consider Now:

Are You Listed or Plan to Be?

Is your company currently listed or plan to do so?

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?

Any Past Issues Identified?

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

Are You Automated?

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

Are You Utilising Technology?

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

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?

Do You Have an Evaluation Process?

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

Can You Meet the Demands?

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

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

Our approach

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.