We’ve been living it!
. . . . the pandemic response, the shift to remote and “touchless” working, the need for “electronic everything”, digital transformation, supply chain shocks, cyber threats, raw material prices, oil & gas, inflation, interest rates, ESG challenges and even war . . . .
All of these rapid changes also bring our governance of financial business processes. polciies and controls into sharp focus.
Do we have the visibility we used to have, or that we think we have?
Have our “physical” risk responses and technology driven changes exposed new weaknesses in our internal controls over financial reporting (ICFR) processes?
Do we even know?
Ensuring effective and efficient Internal Control over Financial Reporting (ICFR) is a challenge at the best of times.
These aren’t the best of times; there is a lot of turbulence and unanticipated change.
We are travelling fast in, at best, variable conditions, and in many cases with very little visibility.
69% of major corporations have had one or more significant audit deficiencies in the last 3 years, and that is understandably on the increase. Despite huge investments in digitization, the financial control problem isn’t going away.
We are hosting a discussion on this very topic on July 13th, looking at the risk challenge, trends in ICFR, the impact of technology, key questions to ask and some strategies for an agile response to better navigate these choppy waters.
You can get more details and save your place to join the conversation here . . .
Thanks for reading . . .