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Companies: Fraud

Question for Department for Business, Energy and Industrial Strategy

UIN 102792, tabled on 13 October 2020

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether his Department plans to consult on the introduction of a UK equivalent to the US Sarbanes-Oxley Act 2002.

Answered on

21 October 2020

The Independent Review of the Financial Reporting Council (FRC) recommended that consideration be given to the case for a strengthened internal control framework, learning any relevant lessons from operation of the Sarbanes-Oxley regime in the US. Sir Donald Brydon’s review of the quality and effectiveness of audit also made suggestions for enhancing the role of the board and the auditor in a strengthened internal control system.

The Government will publish and seek views on its proposals on audit reform in due course, including in response to these particular recommendations. The Government has been working closely with the FRC in developing these proposals.

Answered by

Department for Business, Energy and Industrial Strategy