UK Audit Reform 2023: Preparing for a New Resilience Framework
The Ivy Club, London
Wednesday, 1st March 2023
8:30 – 11:00
One of the most significant developments emerging from the government audit reform agenda is the proposal that boards write a “resilience statement” about their company’s ‘survival prospects’ as a going concern over the short and medium term.
Crucial to the resilience statement will be internal controls and internal audit work providing board intelligence on the company’s management of risk and resilience, review of operations and verifying critical information. Indeed, the system of risk management and internal controls may be key to informing a board discussion of resilience.
With watchdogs preparing to consult on resilience reporting, now is the time for internal controls teams to gain an understanding of their role in shaping resilience statements, the role of risk assessment and the contribution a reformed internal controls regime might play.
Join us at this complimentary breakfast briefing for educational and thought-provoking discussions and networking on the new resilience framework, delivered by audit and internal controls experts.
08:30 - 09:00: Light Breakfast
09:00 - 09:05: Welcome | Craig Watson, Diligent
09:05 - 09:15: Introduction | Gavin Hinks, Board Agenda
09:15 - 09:45: Session 1 | Audit & Governance Reform 2023 – Preparing for Modern Resilience Reporting | Updates on UK Audit & Governance Reform 2023
- ‘Resilience’ in the corporate world and why does it matter?
- What is a resilience statement, which problem is it intended to address
- What is the resilience statement’s relationship to risk assessment?
- How might existing risk assessments need to change?
- The potential impact of a resilience statement on an organisation’s approach to ‘resilience’ overall
09:45 - 10:10: Break
10:10 - 10:45: Session 2 | Modern Resilience & the Role of Internal Controls
- Key steps for internal controls teams in building resilience
- What are the challenges for internal audit functions
- What should be included in short- and medium resilience elements?
- The risks that need to be covered when looking at resilience reporting?
- What is business case for undertaking the resilience report well; what value can be generated for the company?
- How is technology shaping resilience capability?
- Key actions for internal controls teams
10:45 - 10:50: Closing Remarks | Christopher Mills, Diligent
Networking | 1:1 Meetings continue
Simon Henry MA, FCMA
Simon has significant global experience in the oil and gas industry, having spent more than 30 years at Royal Dutch Shell plc, most notably as Chief Financial Officer, a position that he held from 2009–17. He was Chief Financial Officer and Executive Vice President, Finance, Exploration & Production from 2004–09, and prior to this he was head of Group Investor Relations from 2001–04. Simon has a BA in Mathematics and an MA from the University of Cambridge.