2023 introduces the Government corporate governance reforms moving the UK regime closer to the US Sarbanes-Oxley regulations.
The reforms are for large privately owned companies and AIM listed businesses, looking to increase accountability for directors, shareholders, audit firms and the regulator.
UK SoX and corporate governance should not be treated as a point in time review that happens once or twice a year before or after audits.
The benefits of complying with corporate governance regimes, such as US SOx or the new UK corporate reforms “UK SOx” are substantial, even for businesses that are not required to. Optimal and robust controls combined with effective corporate governance deliver the benefits described below even when followed voluntarily.
- Demonstrably improved governance and risk management
- Agile and confident decision making
- Greater efficiency and effectiveness of key Business and IT Processes
- Increased insight into key business drivers and issues, accelerating effective decision making
- Reduction in manual and time intensive activities
- Enable a focus on value add and insightful initiatives
- Reduced risk of fraud
- Greater transparency and accountability across the business
Read more about the new compliance regime and what it means for your company here.