Insight
Internal controls over financial reporting and cyber security risks are growing concerns.
By Elizabeth Lynch
Internal controls over financial reporting (ICFR) and cybersecurity risks are growing concerns for executives responsible for reporting corporate financial performance, according to a survey of more than 500 executives at KPMG LLP’s 27th Annual Accounting and Financial Reporting Symposium.
It’s noteworthy that 97 percent of financial executives were either somewhat or very concerned about cybersecurity.
- John Ebner
“The focus on internal controls is especially important to ensure that reported financial information has the appropriate checks to ensure reliability and accuracy,” said John Ebner, KPMG's national managing partner – Audit. “It should be central to all financial reporting efforts.”
"It’s noteworthy that 97 percent of financial executives were either somewhat or very concerned about cybersecurity,” he added. “Companies need to take a proactive approach toward cybersecurity as a top-line business issue, which should be practiced company-wide.”
The survey also found that:
- Two-thirds of financial reporting executives say they have begun the process to adopt the new lease accounting standard.
- 63 percent of executives surveyed said their organizations invested in technology specifically to enhance financial reporting and 36 percent said they are struggling to keep pace with the rate of technological innovation in their sectors.
- 33 percent said including Critical Audit Matters (CAMs) in the Auditor’s report will help offer new insights into their company
The symposium is one of the accounting profession’s premier conferences on issues and actionable information and offers a well-rounded mix of sessions on timely and critical topics. Click here to read more..
Media kit
Please label this download component by opening the dialog
Download
News release announcing survey results
The new lease accounting standard is the next big change in financial reporting.
