On 22 January 2024, the Financial Reporting Council (FRC) issued the much anticipated updated UK Corporate Governance Code (“the Code”) following a consultation last year as part of the ‘Restoring trust in audit and corporate governance’ reform package. With the ultimate aim of strengthening board accountability for the effectiveness of the risk and internal control framework, under the revised Provision 29, boards will be required to provide a declaration of effectiveness of the material controls as at the balance sheet date for accounting periods commencing on or after 1 January 2026.

To help boards prepare for this new declaration, we have just issued a new Governance in focus publication which sets out:

• answers to a series of frequently asked questions (FAQs) to address many commonly held areas of misunderstanding and/or confusion;
• a suggested framework from which to start your preparation for the new disclosures;
• a reminder about assurance and the different forms it can take;
• a summary of the key differences between the UK and the US approaches; and
• a suggested structure for the new disclosures.

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