Link: Company lawyers turn against Higgs
The mid-tier firm will provide assurance on the control framework across the group including its national network of motorway service areas, while assisting in the delivery of the wider risk management agenda.
Richard Smith, head of internal audit and risk management at the firm said: ‘We are delighted to have been appointed as risk advisors to the Welcome Break Group. The group recognizes the value of internal controls and risk management as effective business tools and the consequent need for risk specialists who provide an independent and robust opinion.’
According to the firm, the decision to outsource the internal audit function was made in the light of the Enron scandal and what impact the Sarbanes-Oxley Act might have on corporate governance in the UK.
It was also made with reference to the Higgs Report, which emphasized the importance of transparency in business management and the importance of internal controls and corporate governance.