For a long period, organisations operating in the UK were regulated by various legislative bodies and regulations. Recently, however, major scandals have attracted a lot of attention, such as the BHS audit investigation, Carillion, and Pâtisserie Valerie. These and other stories have emphasised the inefficiency of the current state of affairs, the low quality of audit activities, and the lack of clear reporting.
So the British government decided to take the initiative and implemented a special corporate governance reform. This reform is very similar to the US Sarbanes-Oxley Act (SOX), which was implemented in America in 2002. However, the main question still remains open for many: “What is SOX Compliance in the UK?“.
What should you know about SOX compliance in the UK?
At its core, UK SOX is similar to its original version, US SOX. Back in 2021, the Department of Business, Energy and Industrial Strategy (BEIS) published a special document entitled “Restoring trust in audit and corporate governance”, which was intended to demonstrate to the public ideas for the necessary changes and reforms.
The idea behind the UK SOX reform is to protect auctioneers from…
