CFOs concerned about effectiveness of corporate reporting – EY report
February 22, 2016
Raleigh, NC — CFOs are losing confidence in corporate reporting and its effectiveness, as pressure from audit committees, the complexity of implementing new reporting requirements and reporting overload affect performance, according to the annual survey by EY’s Financial Accounting and Advisory Services (FAAS), Are you prepared for corporate reporting’s perfect storm?
CFOs are feeling the ripple effect of increased scrutiny being placed on audit committees and supervisory boards, according to the report. Eighty-four percent of respondents said that these committees have increased their overall attention on reporting in the past three years, with 34% saying that the attention had increased significantly.
Data analytics is becoming increasingly popular among CFOs to support the requirements of audit committees and supervisory boards, the report found. But without overloading them with reports, CFOs must turn the volumes of data into reporting insight, which means having the right strategy, processes and skills in place, according to Peter Wollmert, FAAS leader and one of the authors of the report.
David Griffiths, CEO of FISCAL Technologies, the world-leading provider of accounts payable forensic software, commented: “Some of the key needs of the audit committee are focused on seeking assurance about what is happening at the operational level and it seems like they are not getting this from their CFOs. A lot of the risk sits around the procure-to-pay process and financial supply chain.
“Putting in place advanced controls such as forensic audit software, can remove a layer of risk from the procure-to-pay process, enhancing the assurances required by audit committees. Having a clear, forensic oversight of the process will also help organizations design and implement the right strategy and operational processes in order reduce risk, increase compliance and satisfy the requirements of the audit committee and the board.”
FISCAL Technologies’ AP Forensics® transforms the operational finance function by enabling a highly effective preventative strategy around supplier fraud, compliance issues, invoicing errors and overpayments.
Incorporating unique technology to reduce risk in the supply chain,
FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organizational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organizations.
For more information, please visit www.fiscaltec.com.
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