Corporate Governance & Internal Controls: Preparing the UK Corporate Governance Code Provision 29 Declaration

Introduction

Provision 29 of the 2024 UK Corporate Governance Code requires premium-listed companies to include an annual board declaration on the effectiveness of their material internal controls for financial years beginning on or after 1 January 2026. Rather than simply describing internal control processes, boards must be able to demonstrate that material controls have been appropriately designed, operated, monitored and, where necessary, remediated.

This session examines the practical steps involved in preparing a robust Provision 29 declaration. It will explore how to identify material controls, assess their effectiveness, document deficiencies, gather appropriate evidence and determine what should be disclosed in the annual report. It will also consider the respective roles of the board, audit committee, management, finance, risk, compliance and internal audit, together with practical approaches to embedding the declaration within existing governance and assurance frameworks.

What You Will Learn

By the end of this live and interactive course, attendees will be able to:

• Explain the purpose and practical significance of the Provision 29 declaration
• Understand the respective roles of the board, audit committee, management, finance, risk, compliance and internal audit
• Identify the key components of an effective internal control framework over financial reporting
• Determine which controls may be considered material for the purposes of the declaration
• Develop a structured process for assessing the design and operating effectiveness of controls
• Understand how to identify, assess, document and remediate control deficiencies
• Distinguish between control weaknesses, significant deficiencies and matters requiring disclosure
• Understand what evidence should be retained to support the board's conclusions
• Consider how internal audit and external assurance can support, but not replace, management and board responsibilities
• Identify common pitfalls in preparing a Provision 29 declaration
• Improve the quality, clarity and credibility of internal control disclosures
• Integrate the Provision 29 process with existing risk management, compliance and assurance activities
• Prepare for effective audit committee and board challenge and oversight
• Apply practical lessons and approaches to the organisation's own governance and internal control framework

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.