Strengthening internal controls of listed companies in the United Kingdom: Lessons and experiences from the United States.

UNITED States; UNITED Kingdom

In April 2018, Sir John Kingman was asked by the Secretary of State for Business, Energy and Industrial Strategy (BEIS) of the United Kingdom (UK) to undertake an independent review of the Financial Reporting Council. The Kingman review which was published in December 2018 made recommendations for a major overhaul of the UK corporate financial reporting and audit regulations. A key recommendation made in the Kingman review is that the UK should consider introducing tougher regulation in respect of listed companies' internal controls, similar to that applying in the United States (US) under the Sarbanes-Oxley Act (SOX). This article is written against such background and examines what lessons and experiences can regulators and companies in the UK learn from the other side of the Atlantic in strengthening internal controls. It seeks to recommend what measures UK regulators and companies can adopt to prepare themselves for the likely introduction of a SOX-style regime of internal controls. [ABSTRACT FROM AUTHOR]

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