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Preparing for UK SOX

What you can do now to help with a possible UK SOX requirement

Throughout 2018 and 2019, a number of reviews were held regarding the quality and effectiveness of audit. These reviews; Sir John Kingman’s Independent Review of the Financial Reporting Council (FRC), the Competition and Market Authority (CMA)’s Statutory Audit Market Study and Sir Donald Brydon’s Independent Review of the Quality and Effectiveness of Audit, each produced a number of recommendations aimed at improving the audit profession. You can read more about each of the reviews here.

Despite the current control landscape, such as the UK Corporate Governance Code and the Companies Act (amongst others), it was deemed that more was required, with two of the inquires recommending a UK version of the Sarbanes-Oxley (SOX) Act internal control reporting regime be implemented.

With consultation for the reports and proposed recommendations currently open (you can