UK’s BEIS is considering enforcing regulations to ‘restore trust in audit and corporate governance’ (from BEIS white paper), impacting regulators, auditors, internal directors, and the public. One of these considerations is a more stringent SOX-like audit reform. The deadline for the new SOX reform is 2024 and companies need to prepare now for further, more substantial scrutiny of all internal financial reporting. Starting with a good hard look at the business – finding deficiencies and identifying opportunities to make internal procurement, expenditures, and other operational and financial processes more structured, cost-effective, and streamlined.
How can companies implement a SOX program using innovative AI technology saving on time and costs?
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