After months of speculation and intense negotiation in Brussels, the date is set - 23 June 2016 -for a referendum on whether or not the UK should remain in the European Union (EU). Britain’s exit, or Brexit as it has become known, is beginning to look like a potential reality.
Brexit is certainly preoccupying corporate minds. It has surged onto boardroom agendas and risk radars. Leaders of some of Britain’s biggest listed companies are already voicing their opinions on what departure from the EU might mean for jobs, the UK economy and foreign investment.
Every company should be considering how it might be affected by Brexit, from a legal, regulatory and economic perspective. Each ought to be working through the principal upsides and risks of Brexit and identifying where they might feature in value chains.
This paper addresses potential implications and issues that organisations ought to consider and examines the role of Internal Audit in providing support, challenge and assurance to businesses as Britain decides whether to detach itself from the EU.