James Roe - Corporate, Allen & Overy London, Partner - Profile
Tom Balogh - A&O Consulting, Executive Director - Profile
Synopsis: The Treasury has now published its intentions with respect to strengthening audit and corporate governance. This includes its decision with respect to mandating more stringent internal control requirements (previously talked about as UK SOX). The Treasury does not intend to legislate for any such requirements. However, it has invited the FRC to consult on strengthening the UK Corporate Governance Code to require an explicit statement from directors on the effectiveness of internal control systems (financial, operational and compliance). In addition, PIEs with >750 employees or >£750m turnover will, as part of their proposed audit and assurance policies, have to state if they intend to seek external assurance on the reporting on internal controls. We believe premium listed companies will be expected to report annually on the effectiveness of their internal controls. Other listed and large companies will be encouraged to do so. This raises a number of interesting questions, in particular regarding the framework and extent of the review required, how it sits alongside developments in sustainability, and how it is compatible with the Government’s broader policy objective of making the UK more competitive. It raises practical considerations regarding what companies should be doing now, what they may be required to do in the future, and directors duties and potential liabilities. The proposed new regulator, ARGA, will have toolkit of investigative and enforcement options that directors will also need to be aware of. This seminar follows from an earlier seminar on the same subject. We will provide an updated view, extend our discussion into non-financial procedures and controls (including sustainability), and take a closer look at director responsibilities and liabilities.
Location: One Bishops Square, London, E1 6AD
This seminar qualifies for 1 CPD point/s
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