The UK’s Financial Reporting Council (FRC) has been working for years on a UK equivalent of the US Sarbanes-Oxley Act (SOX).
SOX requires top officials to attest that a company’s internal controls are robust enough to ensure that financial statements are reliable. SOX aims at protecting investors from corporate fraud, lays out strict requirements for enhanced financial disclosure, internal control assessment, corporate governance and auditor independence.
Many organisations still perform SOX activities manually and with poor efficiency. Using new softwares and technologies greatly improves overall performances and outcomes.