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Getting your house in order for UK SOX-style regulation

As part of the government’s sweeping plans to reform audit in the UK, it is looking to bring in a UK version of the US Sarbanes-Oxley Act to regulate directors and improve accountability. David Brightman, director of product marketing at BlackLine, considers the impact for audit firms

In July 2021, the UK government is set to announce a regulatory framework similar to the Sarbanes-Oxley Act (SOX) in the US, as a part of the ‘restoring trust in audit and corporate governance’ reform, which is expected to require directors to attest to the effectiveness of internal controls over financial reporting.

Also included in the framework is the need for CEOs and CFOs of publicly listed companies to provide a statement on internal controls over financial reporting (ICFR) and any material weaknesses identified.

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