Audit Firm: Framework to Deal with Brexit

Yesterday the UK decided to leave EU. This is an interesting outcome and at least a positive thing it terms that it will provide us with the topic for discussion for the rest of the year. 

Okay, the business, including auditors, now in situation where actions have to be taken and decisions to be made. 

The scenarios and preliminary analysis of Brexit situation were issued by the    Big 4 firms recently. Please, follow links to find the reports available on the internet:

• Materials from EY
• Materials from PWC
• Materials from Deloitte
• Materials from KPMG

Based on these readings the companies influenced by Brexit will apply following framework:

After Referendum: 2016 -2018

• Deep analysis and development of the plan for full implementation of Brexit actions
• Communication of implications to customers, employees and other third parties
• Start partial/interim implementation of actions
• Political activity to lobby more positive post-brexit options 

Brexit implementation by UK Government: from 2018

• Full implementation of the plan previously designed