Survey reveals financial reporting, cybersecurity concerns

Results of a recent audit, tax and advisory firm survey showed growing concerns for executives responsible for reporting corporate financial performance and cybersecurity.

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A group of 500 executives surveyed during KPMG’s 27th Annual Accounting and Financial Reporting Symposium said their primary Issues were internal controls over financial reporting (ICFR) and cybersecurity.

“The focus on internal controls is especially important to ensure that reported financial information has the appropriate checks to ensure reliability and accuracy,” John Ebner, KPMG’s national managing partner – Audit, said. “It should be central to all financial reporting efforts. It’s also noteworthy 97 percent of financial executives were either somewhat or very concerned about cybersecurity. Companies need to take a proactive approach toward cybersecurity as a top-line business issue, which should be practiced company-wide.”

Other survey results determined 63 percent of executives said their organizations invested in technology specifically to enhance financial reporting while 36 percent said they are struggling to keep pace with the rate of technological innovation in their sectors. Additionally, 33 percent said including Critical Audit Matters (CAMs) in the Auditor’s report would help offer new insights into their company.

KPMG officials said the organization’s independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.