Robust Internal Controls Over Financial Reporting (ICOFR) is important for any company. More companies are formally assessing their controls framework giving their stakeholders full confidence that internal controls are operating effectively.
Whether you are looking to enhance your internal financial controls framework, meet the needs of Sarbanes Oxley compliance, or plan ahead for a potential ‘UK SOX’, we provide the expertise to support you in meeting your objectives.
How can we help?
Internal Financial Controls
Regardless of whether there are compliance requirements, companies should have strong internal financial controls in place.
We can help you:
- set up minimum control standards;
- review specific processes in detail;
- prepare process flows; and
- develop best practice control frameworks.
Since the Sarbanes-Oxley Act of 2002 (SOX) was introduced, the US has required companies to report on ICOFR.
We help our UK-based clients operating in the US to:
- get ready for SOX;
- Support the implementation of their compliance programme; and
- review their SOX compliance.
Following a number of corporate failures and a review of the UK audit market there is now an increased focus on ICOFR in the UK. The Brydon review made several recommendations for change.
The long awaited White Paper from BEIS, published on 18 March, outlined proposals regarding UK reporting on internal controls or internal controls over financial reporting, often referred to as ‘UK SOX’.
In our experience many organisations have struggled with designing and operating a cost-effective and efficient ICOFR environment that stands up to scrutiny and meets the needs of the business.
We can help you to:
- think about what the proposals for UK SOX mean in practice; and
- start preparing for an evaluation of your internal financial controls and improvements.