Finance Transformation Unlocked
Episode 13: Preparing for UK SOX: What the new regime means for Audit & Finance Directors.
It won’t be long now: In 2024, the UK's version of the Sarbanes-Oxley Act (SOX) is coming, necessitating an increased focus on risk management and data accuracy for any UK business who is classed as a ‘Public Interest Entity’.
UK SOX requires senior finance and audit professionals to implement effective payments controls and provide consistent and accurate financial statement data to protect their finance operations. If these processes do not meet the requirements set out by UK SOX; Audit & Finance Directors will be personally liable, meaning they face huge fines and even imprisonment if they’re not compliant.
Businesses need to act now, but there are still many unanswered questions.
Who is classed as a Public Interest Entity (PIE)? How can finance teams achieve this? And what are the risks of non-compliance?