Dancing in the Dark – Brexit’s Impact

In much of the discussion of Brexit over the last week or so, it has been interesting how often the concept of risk has been invoked.

Whenever risk is invoked its close cousin of assurance is (or at least should be) very close behind.

So whilst we are still in the shock and awe stage of the Brexit vote we thought we would see if there was any guidance on what is a (if not THE) classic case study of the manifestation of a known macro risk.

We came across two publications / commentaries that were worthy of sharing.

A KPMG UK report published before the vote noted:

Audit committees need reassurance that management is well prepared for what is potentially the biggest shake-up in the UK trading environment in decades.

This, perhaps more than any other comment, neatly sums up the issue at hand – the world is changing and Audit Committees in organizations impacted by Brexit will want / need assurance that that which has changed is well managed.

The United Kingdom Chartered Institute of Internal Auditors published an advisory note soon after the vote and noted:

Internal auditors should urgently consider which aspects of risk created by the EU referendum decision are most relevant and pressing for their organizations.

So bring those risk registers out and start assessing their current day relevance.

And then start thinking as to whether your Audit Plan needs to change.

We look forward to further publications on this topic as the uncertainty moves to certainty; and the angst moves to acceptance.


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