The UK Government are proposing corporate governance reform consisting of new regulations that will place increased scrutiny on controls over financial reporting. Following the Government’s whitepaper published in March 2021, the Financial Reporting Council is working with ministers to provide official feedback to proposals which will determine which ones become legislation and which are dropped. The initial proposals proposed a regime in the style of the US Sarbanes-Oxley model (SOx) or UK SOX. Recent commentary suggests these requirements may be delegated to the new audit and corporate governance regulator – ARGA – with increased expectations on the assessment of Controls over Financial Reporting and reporting thereon by Boards.
What could this mean for you and your next steps? A higher bar for Controls over Financial Reporting matters from a compliance standpoint, with the potential for penalties and fines if reporting doesn’t meet requirements. But it also provides opportunities for stronger internal controls including greater data accuracy, improved transparency and more robust financial reporting.
Join this interactive workshop to explore the latest updates, how to ensure compliance, and how to seize the opportunities for broader transformation across your business. We will address:
Update on government position and our latest view on the likely direction of travel
How this will impact you and your business
Realising the opportunities that enhanced Controls over Financial Reporting can bring for better business and risk management
Starting your UK SOx journey early: ‘no regret’ actions you can take now before the formal introduction of legislation
Action plans to embed UK SOx style framework and ensure future compliance
Session Leader - Richard Andrews, Partner, KPMG UK
Richard is an experienced partner in KPMG's Financial Services Consulting practice with a focus on regulation, controls and assurance. He is Chair of the ICAEW’s Financial Services Faculty, member of ICAEW’s Technical Strategy Board and member of ICAEW Council.
He has extensive experience in controls frameworks and leads KPMG's firm-wide team focused on UK Internal Controls frameworks (UK SOX) and helping clients across all sectors prepare to respond to UK Corporate Governance Reform.
He leads the Financial Regulatory Reporting practice providing a full range of services from helping clients implement regulations to management commissioned assurance. He has extensive experience in acting as a Skilled Person for the UK regulatory authorities.
Richard also leads KPMG's CASS advisory practice, having previously co-led the CASS Audit practice including responsibilities as the CASS audit partner or quality control partner for some of KPMG's largest CASS audits.
Benefits of attending virtual roundtables:
Network and learn from your peers in finance
Discover the latest thinking around problems and opportunities
Speak freely and openly with all roundtables run under Chatham House rules