Following the Brydon report in 2020 the UK Government have published a white paper titled “Restoring trust in audit and corporate governance”. This wave of new regulation is colloquially referred to as UK SOX.
The views from investors and audit firms express a desire for a SOX equivalent through which the board of directors must report their assessment of internal controls. This new wave of regulation will require greatly increased expenditure if tackled in a traditional manner. In the first instance your current capacity restricts your scope meaning you can only review a select area each cycle. You often need to augment your team with expensive consultants on which you become dependent. Secondly, Risk-Based planning can be hard as you do not have a simple way to review the entire control environment to inform risk-based planning. Thirdly, your control documentation is often inconsistent and therefore is not relied upon by External Auditors.
The functionality covers all controls meaning that you can review the controls integral to your business faster than ever before - in minutes with the interactive reporting and exports in the original format. this can allow you to focus on what really matters during your planning. we share the knowledge with clear reasons for classifications which are standardised - meaning staff can be upskilled and produce enhanced quality controls.
Please join us for this webinar on Thursday 20th May at 10am.
This post was submitted by Birchman Solutions Limited. View all of their news posts here
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