Huawei says it is moving forward with a "company-wide transformation program" in the United Kingdom to address security concerns, after the Chinese telecommunications company was criticized in a report on Thursday.

An oversight board that monitors Huawei activity in the UK said it can only provide "limited assurance" that all national security risks stemming from Huawei's involvement in the UK's critical networks can be "sufficiently mitigated long-term".

The report casts doubt over the Chinese telecommunication company's involvement in setting up fifth generation -- or 5G -- networks in Britain.

The Huawei Cyber Security Evaluation Centre Oversight Board, which includes officials from the UK National Cyber Security Center, had voiced similar concerns in July, prompting Huawei to commit $2 billion to improve its mobile and internet network systems in the UK.

But in its latest report the oversight board said "no material progress" has been made to address the issues outlined in the July report.

It also said that "further significant technical issues have been identified" in Huawei's engineering processes, leading to "new risks in the UK telecommunications networks".