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.
“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:
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