Reforming the UK's corporate governance, audit and reporting regime

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background-size:cover; background-position:; background-image:; background-color:; "> <div class="parsys sectionpar"> <div class="html parbase"> <div data-custom-code="bespoke quote"> <div><link rel="stylesheet" href="/content/pwc/script/uk/en/transparency/transparency-report.css" type="text/css"> <link rel="stylesheet" href="/content/pwc/script/uk/en/industries/industries-in-focus.css"> <style> #intro-beis h4 {color: #d93954; font-weight: normal;} #intro-beis h5 {color: #7d7d7d; font-size: 1rem; font-weight: bold; line-height: 1.3em; margin: 0; padding-top: 10px;} section.styled-feature .parsys .parsys_column.pwccol2-longform .parsys_column.pwccol2-longform-c1::after { background: transparent url("/content/dam/pwc/uk/en/audit/assets/image/restoring-trust-audit-corporate-governance.png") no-repeat center center;} .link-explorer .link-explorer__group .link-explorer__group-heading {margin-bottom:0;} .text-component .btn-cta-common { margin-top: 0px; } </style> </div> </div> </div> </div> </section> </div> <div class="section container responsivegrid"> <section id="intro-beis" class="cmp-container page-section page-section--col-light-grey no_class videobghost " data-wcmmode="false" data-parallax="true" data-videoParallax="false" data-videoId="videoelementd1584e6e-9674-1274-f433-3038af17b644" data-videoAutoplay="false" data-videoLoop="false" style="height:; background-size:cover; background-position:center top; background-image:; background-color:; "> <div class="parsys sectionpar"> <div class="columnControl"> <div class="parsys_column pwccol2-longform "> <div class="parsys_column pwccol2-longform-c0"> <div id="container-1270ea2e17" class="cmp-container"> <div class="text parbase section"><div></div> <div class="text-component"> <p><strong>On 31 May 2022, the Government (BEIS) published its Response Statement (the Statement) following its consultation on reforms aimed at 'Restoring trust in audit and corporate governance'. </strong>The Statement summarises the themes from the responses received, and outlines the proposals BEIS intends to take forward. Available below is our summary of the Statement. In this we cover the key headlines and provide a summary of the main proposals. Also below is a document containing a number of FAQs that have been raised on the key proposals. In responding to these FAQs, we've examined the proposals in detail in order to help companies understand how they will most likely be implemented and how companies, directors and audit committees could be impacted.</p> <p>There are a number of the proposed reforms that the FRC will take forward. These include the strengthening of internal controls responsibilities, which will be implemented through changes to the UK Corporate Governance Code (the Code). The FRC has issued a consultation on these changes, which can be found <a pwcbtnfile="HideSize" href="https://www.frc.org.uk/consultation-list/2023/corporate-governance-code-consultation" target="_blank">here</a>. Below is our summary of the key aspects of these proposed changes.</p> <p><a pwcbtnfile="HideSize" href="https://www.pwc.co.uk/audit/assets/pdf/beis-consultation-response-statement-external-summary.pdf" class="undefined btn btn--secondary btn--transparent" target="_blank">Summary of the BEIS response statement</a></p> <p><a pwcbtnfile="HideSize" href="https://www.pwc.co.uk/audit/assets/pdf/understanding-the-beis-reforms-faqs.pdf" class="undefined btn btn--secondary btn--transparent" target="_blank">FAQs on the BEIS response statement</a></p> <p><a pwcbtnfile="HideSize" href="/audit/assets/pdf/frc-consultation-uk-corporate-governance-code-external-summary.pdf" class="undefined btn btn--secondary btn--transparent" target="_blank">Summary of the FRC consultation on the Code</a></p> </div> <script src="/etc.clientlibs/pwc/components/modernized/content/richtext/clientlibs-button.min.05014ed24e6422289f02e026aef427f0.js"></script> </div> </div> </div> <div class="parsys_column pwccol2-longform-c1"> <div id="container-c62af76d21" class="cmp-container"> <div class="textimage text section image_left nobg"><div></div> <div class="textimage-image"> <div class="asset-sharing-component image-asset "> <img class="js-lazy-loading mod__image_p image-component_background " data-image="/people/hemione-hudson-2020.jpg" alt="Hemione Hudson" width="250" height="100.0%" data-emptytext="Image" style="height:auto; padding-top:100.0%; max-height:100px;"/> </div> </div> <div class="textimage-text"> <div></div> <div class="text-component"> <h4>“It’s good to see progress on a package of legislative reforms to improve standards for audit, reporting and corporate governance. The Government’s response to the consultation acknowledges that all parts of the corporate governance ecosystem have a part to play in reform and outlines a suite of measures covering the whole market. We’ve long maintained that holistic reform will deliver the best outcome and ensure the UK remains a leading place to do business. The detailed response marks a step forward and its significance should not be underestimated.”</h4> <h5>Hemione Hudson, <strong>Head of Audit, PwC UK</strong></h5> </div> </div> <div style="clear:both"></div> <script type="text/javascript"> $(function() { if (typeof lazyLoadingTextImage == 'function') { lazyLoadingTextImage('.textimage-image'); } }); </script> </div> </div> </div> </div> </div> </div> </section> </div> <div class="section container responsivegrid"> <section id="content-free-1-ba53" class="cmp-container page-section page-section--col-white industry-in-focus styled-feature videobghost " data-wcmmode="false" data-parallax="true" data-videoParallax="false" data-videoId="videoelement08334962-c799-6aec-ec7f-0ebf1da0be6f" data-videoAutoplay="false" data-videoLoop="false" style="height:; background-size:cover; background-position:center top; background-image:; background-color:; "> <div class="parsys sectionpar"> <div class="columnControl"> <div class="parsys_column pwccol2-longform "> <div class="parsys_column pwccol2-longform-c0"> <div id="container-6020f24388" class="cmp-container"> <div class="text parbase section"><div></div> <div class="text-component"> <h2>Restoring Trust Series</h2> <p>We believe that there are many benefits of proactively pushing ahead with a number of the proposals and have developed our Restoring Trust Series which contains practical guidance for companies who choose to do so.</p> <p><a pwcbtnfile="HideSize" href="/services/audit/insights/restoring-trust-audit-corporate-governance/restoring-trust-in-corporate-governance-reporting-and-audit.html" class="undefined btn btn--secondary btn--transparent">Learn more</a></p> </div> </div> </div> </div> <div class="parsys_column pwccol2-longform-c1"> <div id="container-21fbc85e4d" class="cmp-container"> </div> </div> </div> </div> </div> </section> </div> <div class="section container responsivegrid"> <section id="content-free-1-3804888" class="cmp-container page-section page-section--col-light-grey videobghost " data-wcmmode="false" data-parallax="true" data-videoParallax="false" data-videoId="videoelementf35f411d-327b-a134-71e1-bfaca3b1fd0d" data-videoAutoplay="false" data-videoLoop="false" style="height:; background-size:cover; background-position:center top; background-image:; background-color:; "> <div class="parsys sectionpar"> <div class="columnControl"> <div class="parsys_column pwccol2-longformb "> <div class="parsys_column pwccol2-longformb-c0"> <div id="container-10d6b1792e" class="cmp-container"> <div class="quote"> <div class="inlinequote"> <div class="dpe-component-wrapper quote-component "> <blockquote> <p class="h4">“The‌ ‌Government's‌ ‌proposals ‌bring ‌an‌ ‌opportunity‌ ‌for‌ ‌the‌ ‌UK‌ ‌to‌ ‌lead‌ ‌on‌ ‌corporate‌ ‌governance‌ and‌ ‌maintain‌ ‌its‌ ‌position‌ ‌as‌ ‌a‌ ‌world‌ ‌leading‌ ‌capital‌ ‌market.‌ ‌To‌ ‌meet‌ ‌this‌ ‌ambition,‌ ‌the‌ ‌more‌ ‌companies‌ ‌that‌ ‌take‌ ‌the‌ ‌time‌ ‌to‌ ‌understand‌ ‌what‌ ‌the‌ ‌proposals‌ could mean‌ ‌for‌ ‌them‌ ‌and‌ engage in the ongoing debate,‌ ‌the‌ ‌greater‌ ‌the‌ ‌prospect‌ ‌that‌ ‌the‌ ‌reforms‌ ‌will‌ ‌enhance‌ ‌the‌ ‌business‌ ‌environment‌ ‌and‌ ‌build‌ ‌trust‌ ‌and‌ ‌confidence‌ ‌in‌ ‌the‌ ‌UK’s‌ ‌reporting‌ ‌and‌ ‌regulatory‌ ‌frameworks.”‌</p> <footer> Marco Amitrano,<cite title="Head of Clients and Markets, PwC UK">Head of Clients and Markets, PwC UK</cite> </footer> </blockquote> </div> </div> </div> </div> </div> <div class="parsys_column pwccol2-longformb-c1"> <div id="container-2fdfecd8f2" class="cmp-container"> <div class="image img-alignment-left"> <div class="asset-sharing-component image-asset "> <img class="js-lazy-loading mod__image_p image-component_background " data-image="/who-we-are/assets/video-thumbnails/marco-market-positioning-video_v2.jpg" alt="Marco Amitrano" width="300" height="100.0%" data-emptytext="Image" style="height:auto; padding-top:100.0%; max-height:100px;"/> </div> </div> </div> </div> </div> </div> </div> </section> </div> <div class="section container responsivegrid"> <section id="content-free-1-b13a" class="cmp-container page-section page-section--col-light-grey fullwidth transparency-report darkgrey videobghost " data-wcmmode="false" data-parallax="true" data-videoParallax="false" data-videoId="videoelement23455538-5b43-adb9-9349-482e7e90e11e" data-videoAutoplay="false" data-videoLoop="false" style="height:; background-size:cover; background-position:center top; background-image:; background-color:; "> <div class="parsys sectionpar"> <div class="linkexplorer list section"><div></div>   <div class="dpe-component-wrapper link-explorer link-explorer--3-col component--col-default"> <div class="container"> <div class="row"> <div class="col-sm-12 col-md-4 col-lg-4 link-explorer__intro"> <h2 class="link-explorer__intro-heading">Archive</h2>  <p class="link-explorer__intro-copy">We released a number of publications during the response period of the consultation, these are available here.</p> </div> <div class="col-xs-12 col-sm-6 col-md-4 col-lg-4 link-explorer__group"> <h3 class="h4 link-explorer__group-heading">NED focus group</h3> <div class="link-explorer__links"> <a class="link-explorer__link" href="https://www.pwc.co.uk/audit/assets/pdf/managed-shared-audits-ned-summary.pdf" target="_blank"> <span class="h6 regular link-explorer__link-text">Managed shared audits</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/audit/assets/pdf/audit-assurance-policy-ned-summary.pdf" target="_blank"> <span class="h6 regular link-explorer__link-text">The Audit and Assurance Policy</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/audit/assets/pdf/director-audit-committee-accountability-ned-summary.pdf" target="_blank"> <span class="h6 regular link-explorer__link-text">Director accountability</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/audit/assets/pdf/strengthened-internal-controls-regime-ned-summary.pdf" target="_blank"> <span class="h6 regular link-explorer__link-text">Strengthened internal controls</span> </a> </div> </div> <div class="col-xs-12 col-sm-6 col-md-4 col-lg-4 link-explorer__group"> <h3 class="h4 link-explorer__group-heading">In-conversation discussions</h3> <div class="link-explorer__links"> <a class="link-explorer__link" href="https://www.pwc.co.uk/services/audit/insights/restoring-trust-audit-corporate-governance/transcript-managed-shared-audits.html" target="_self"> <span class="h6 regular link-explorer__link-text">Managed shared audits</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/services/audit/insights/restoring-trust-audit-corporate-governance/transcript-assurance-map.html#video" target="_self"> <span class="h6 regular link-explorer__link-text">The Audit and Assurance Policy</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/services/audit/insights/restoring-trust-audit-corporate-governance/transcript-director-audit-committee-accountability.html" target="_self"> <span class="h6 regular link-explorer__link-text">Director accountability</span> </a> <a class="link-explorer__link" href="https://www.pwc.co.uk/services/audit/insights/restoring-trust-audit-corporate-governance/transcript-uk-sarbanes-oxley-regime.html" target="_self"> <span class="h6 regular link-explorer__link-text">Strengthened internal controls</span> </a> </div> </div> </div> </div> </div>  </div> </div> </section> </div> </div> </div> <div class="ixfsection experiencefragment"><div class="mod-ixf-page-section" data-id="cta-1"></div> <section id="cta-1" style="height: auto" class="cmp-experiencefragment cmp-experiencefragment--services-audit-insights-restoring-trust-audit-corporate-governance-cta_1 fullwidth "> <div id="container-6a0ec552c4" class="cmp-container"> <div class="aem-Grid aem-Grid--12 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data-expert-contact-us="Jayne Kerr"> Email </a> </div> </div> </div> </div> </div> </div> </div> </div> <input type="hidden" value="false" id="countryfilter"/> <input type="hidden" value="xx" id="currentLocation"/> <div class> <div class="contactlink"> </div> </div> </section> </div> <script> function openContactUrl(contactLink,firstName,lastName,encodedPath,hasPageLink) { var url = ""; if("true" === hasPageLink){ url = "\/uk\/en\/content\/pwc\/global\/forms\/contactUsNew.html?style=pwc\x26territory=uk" + "&contactLink=" + contactLink; } else{ url = "\/uk\/en\/content\/pwc\/global\/forms\/contactUsNew.html?style=pwc\x26territory=uk" + "&cf=true" + "&contactLink=" + encodedPath; } if(digitalData && digitalData.page && digitalData.page.content.contentFullPath){ var parentPagePath = digitalData.page.content.contentFullPath; parentPagePath = parentPagePath.split(".html")[0]; if(!url.includes(parentPagePath)){ url = url+"&parentPagePath="+parentPagePath; } } createObject('contactUs.formState','origination'); createObject("contactUs.expertName",firstName+" "+lastName); window.location.href = url; return false; } </script> <script> $(document).ready(function () { var rightrailcontacts = "newrightrailcontacts_6a3d4780-0bc0-4f9b-a2d4-69c3b2b2c53c_root_rightrailcontact"; var countryhawkList = "countryhawkList_6a3d4780-0bc0-4f9b-a2d4-69c3b2b2c53c_root_rightrailcontact"; var displayMore = "displayMore_6a3d4780-0bc0-4f9b-a2d4-69c3b2b2c53c_root_rightrailcontact"; var displayLess = "displayLess_6a3d4780-0bc0-4f9b-a2d4-69c3b2b2c53c_root_rightrailcontact"; console.log($("countryHawkList ",'#' + countryhawkList)); var allContacts = $('#' + rightrailcontacts + ' div.contactCol'); var parentAllContacts = allContacts.parent(); var a = new Array(); $('#' + countryhawkList).children("option").each(function (x) { test = false; b = a[x] = $(this).val(); for (i = 0; i < a.length - 1; i++) { if (b == a[i]) test = true; } if (test) $(this).remove(); }); $('#' + countryhawkList).html($('#' + countryhawkList + ' option').sort(function (x, y) { return $(x).val() < $(y).val() ? -1 : 1; })); //changes by hemant //Set filter to display all by default on load starts $("#"+countryhawkList).prop('selectedIndex', 0); //Set filter to display all by default on load end if ($("#countryfilter").val() == "true") { var c = $("#currentLocation").val(); var countryExist = false; $('#' + countryhawkList + ' option').each(function () { if (this.value.toLowerCase() == c.toLowerCase()) countryExist = true; }); console.log('exist',countryExist); if (countryExist == true) { if (c != "xx") //if geo is ON, c cannot be xx, if client request territory cannot be determined, then set c to "us" { /*$('#'+rightrailcontacts+' div.contact_layout[country!="'+ c.toLowerCase() + '"]').each(function(index) { $(this).hide(); }); var div_counter =0; $('#'+rightrailcontacts+' div.contact_layout[country="'+ c.toLowerCase() + '"]').each(function(index) { $(this).show(); div_counter++; if(div_counter <=6) $(this).show(); else $(this).hide(); });*/ var contacts = $('#' + rightrailcontacts + ' div.contactCol'); var count = 0; contacts.remove(); allContacts.each(function () { if ($(this).attr('country') == c.toLowerCase()) { parentAllContacts.append(this); count++; } }); $('#' + countryhawkList).val(c.toLowerCase()); } else //if geo is OFF, then c is "xx" { $('#' + countryhawkList).val(' All'); //set territory dropdown to All } } } $('#' + countryhawkList).change(function () { var country = $(this).val(); //console.log("ddl changed"); //alert('#'+ rightrailcontacts+ ' div.contact_layout[country="+ country + "]'); //leave the space before the All, it is needed for the sort. /*if (country != " All") { $('#'+ rightrailcontacts+ ' div.contact_layout[country="'+ country + '"]').each(function(index) { $(this).show(); }); $('#'+ rightrailcontacts+ ' div.contact_layout[country!="'+ country + '"]').each(function(index) { $(this).hide(); }); } else { $('#'+ rightrailcontacts+' div.contact_layout').each(function(index) { $(this).show(); }); }*/ var contacts = $('#' + rightrailcontacts + ' div.contact_layout'); var count = 0; contacts.remove(); //changes by hemant //To fix the existing prod issue of filters start parentAllContacts.empty(); //To fix the existing prod issue of filters end if (country != " All") { allContacts.each(function () { if ($(this).attr('country') == country) { parentAllContacts.append(this); count++; } }); } else { allContacts.each(function () { parentAllContacts.append(this); count++; }); } }); $('#' + displayMore).click(function (e) { $('#' + rightrailcontacts + ' div').each(function (index) { $(this).show(); }); $('#' + displayMore).hide(); $('#' + displayLess).show(); return false; }); $('#' + displayLess).click(function (e) { $('#' + rightrailcontacts + ' div').each(function (index) { if (parseInt($(this).attr("divid")) > 6) { $(this).hide(); } }); $('#' + displayMore).show(); $('#' + displayLess).hide(); return false; }); }); 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