BEIS white paper: insights on internal controls
What should PIEs be doing now to prepare for the proposed changes to governance, as outlined in the recent BEIS white paper?
Internal control- old
Improve your response to risks with effective systems and controls
Anticipating and responding to business, operational, financial and compliance risks is critical for success. Failure to do so can not only result in financial loss, but also non-compliance with regulations and a risk of reputational damage. Our integrated team of specialists can help you design and implement an internal control system so you can focus on your business objectives.
Our approach
To ensure good internal controls, you need to have robust systems and processes in place. Without them, your company not only runs the risk of being exposed to multiple risks, but also non-compliance with regulations. For financial companies in particular, internal controls form a critical role in regulatory and legal compliance. Failure to have the correct controls in place can expose a company to various risks, including financial loss and fraud, and even threaten its business objectives.
The team at Mazars offers broad expertise across sectors and disciplines, and can help you to design, implement and monitor the systems of internal control in your organisation. We have the resources and expertise necessary to help you meet your control objectives, offered through outsourcing, co-sourcing and secondment arrangements.
Our specialists work as an integrated team and take the time to understand your business and your strategy. With their international perspective and deep experience, they can help you to:
- Create, enhance, and protect stakeholder value
- Transform your organisation so that it is risk-focused
- Increase your credibility with regulators, customers and financers
- Provide more timely and accurate management information for key decision makers
- Enable a more efficient and value-added assurance framework
Strengthening governance
The UK needs a strong corporate governance system to deliver trust and resilience in its capital markets. Equally, it must encourage enterprise and avoid bureaucracy in order to support post-pandemic recovery and to attract international listings to the London market. Exactly how these two-potentially competing-forces should be held in balance is one of the big questions the Government has to address...
Radical reform for corporate governance
As we await the BEIS consultation paper and the anticipated reforms to corporate internal control frameworks for financial reporting, listed companies would be wise to act now to strengthen their control environments.
Audit & Governance Reform
The release of the BEIS White Paper in March 2021 signalled a once in a generation opportunity to transform audit and strengthen corporate governance in the UK. A consultation followed and the themes were echoed in the transcript of the Queen’s Speech in May 2022. We now await a draft Bill, expected in 2023/4. There is widespread consensus that the audit sector is not reaching its potential, and...
7 features of highly effective audit committees
At a recent Quoted Companies Alliance (QCA) event, sponsored by us, for audit committee chairs one commented that the audit committee is set to replace the remuneration committee as the most difficult one to chair. There is undoubtedly much change in the air for audit committees whether as a result of the interlinked issues of the pandemic, technology, societal change or additional work and responsibilities...