Reducing Financial Reporting Risk
It’s more than fixing financial controls
Increased responsibilities and potentially reduced resources make it difficult for financial executives to find time to fully understand the state of the organization’s financial reporting risk. But CFOs understand that, in the end, responsibility for the quality and timeliness of the organization’s financial reporting process belongs to them.
To help, Deloitte has published a new white paper, "Reducing Financial Reporting Risk: It’s more than fixing financial controls". The white paper distills the evaluation of financial reporting risk into three major components:
- People and organizational considerations
- Process and policy considerations
- Systems and information considerations
By posing probing questions to those with oversight of these areas, a CFO can develop a clearer view of the organization’s current state of financial reporting risks and can champion improvements designed to reduce reporting risk as well as improve the effectiveness of the process.