As part of long-awaited audit reforms, the largest businesses will have to publish an annual resilience statement setting out how the company is managing risk from 2025

The rules will apply to around 750 companies and come into force from 1 January 2025 with a two-year implementation period.

There will be a new mandatory resilience statement defining risks, which will replace the current viability statement, and a triennial audit and assurance policy statement, explaining how the company proposes to assure non-financial reporting over the following three years as well as an annual update on the implementation of the policy.