Optimising financial processes

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Something to Consider 2: November 2018

Something to Consider November 2018 – Webcast – Addressing SOX/Controls Weaknesses

The Looming Iceberg That Can Sink ICFR Credibility

Research is throwing up some concerning trends on growing reports of weaknesses in internal controls over financial reporting (ICFR).

Despite well-staffed SOX and control programs, research indicates that up to 20% of the user access in place for financially significant applications, is out of date or just plain wrong! We are still being tripped over by ‘leavers’ or sub-contractors who have been terminated or who have left the third party supplier, customer or service provider.

There is increasing attention on the Big 4 Audit firm inspections on “deficiencies in controls over user access”, which in turn means their “clients are getting audit issues raised where they might not have done before.” Business has been somewhat blindsided by the renewed fervour with which the audit firms are now focussing on the issue.

A key responsibility of ICFR is to ensure the Accuracy, Completeness and Authorization of all relevant transactions and activities.​

Join us next week as we explore experiences of financial risk to material threat in uncontrolled user access and expose some of the weaknesses in governance over “who has access to what”. You can register here

Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.