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Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
Escalate concerns to the audit committee or external advisors if internal discussions don’t resolve the issue. How to Handle It: Immediately report the matter to the compliance or legal team. Propose additional governance measures, such as third-party audits, to demonstrate transparency.
The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?
Compliance is another consideration for advisors implementing automations, especially for client-facing communications like text messages and emails. By reducing manual data management and improving accuracy, advisors can dedicate more time to high-value, client-facing activities, enhancing both productivity and client service!
There is more of an accountant, who comes from the audit function, which I think is more about compliance and implementing standards but has less business interaction. Then there is the CFO who comes from an investment bank, who is more about capital and markets and investor communication. I think there are three types of CFOs.
While legal and communications teams may lead initial responses, it is the CFO who must rebuild the financial and reputational foundations of the business. This includes restating prior-period financials where necessary, strengthening internal controls, and ensuring that audit findings are addressed in full.
This opportunity allowed me to audit clients like the South African Revenue Service and South African Tourism, as well as manage accounts for Mastercard South Africa. When you’re young, focus on deeply understanding the core accounting principles, financial reporting, and regulatory compliance.
Editors note: In todays A Day in the Life , Nguyn Trung Ngn (pictured), tax senior manager at Deloitte Vietnam , shares with FutureCFO audiences how leading a complex transfer pricing audit for a multinational client became pivotal for her career and how her passion for public writing became one of her greatest sources of inspiration.
I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team.
She further suggests the importance of setting up objectives that encompass cost efficiency, standardisation, enhanced compliance, talent optimisation, and readiness for automation and AI integration. A proactive approach to risk management, coupled with established compliance protocols, will safeguard organisational integrity.
Asset acquisitions, market entries, and decentralised operations demand more than technical expertise, as they require navigation around fragmented regulations, cultural complexities, and resource constraints while ensuring agility and compliance. Serve as a liaison between sales and compliance teams," Kozlov says.
Consider conducting a thorough financial audit to pinpoint areas for improvement. Creating a Tax Compliance Recovery Plan A comprehensive tax compliance recovery plan is indispensable. This plan should encompass regular training for your financial team on the latest tax regulations and compliance requirements.
Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues. If there are differences, it can lead to problems during audits or inspections. Keep track of reporting deadlines Use a compliance calendar so you never miss a submission. Staying informed can help you prepare ahead of time.
However, for the past couple of decades, ESG has typically consisted of producing an annual glossy Corporate Responsibility Report that discussed various initiatives in descriptive terms across areas such as energy usage, waste stream mitigation, labor practices, community programs, charitable giving, etc.
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. Reducing Errors and Ensuring Compliance Mistakes in financial reporting can be costly. This is the power of Financial Information Systems (FIS).
Even firms with robust compliance programs that do a good job following their required policies and procedures can struggle with examinations if they don't have the information that examiners will ask for readily available.
In South Africas business environment, where public trust is fragile, regulatory compliance is non-negotiable, and financial transparency is a competitive advantage, the CFO plays a crucial role in shaping whether a company is seen as credible, ethical, and stable. The best CFOs do not just focus on clean audits. That starts with you.
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
In today's fast-paced world, creating an effective audit procedure is critical for companies to remain competitive and adhere to evolving regulations. Through this, companies can be certain their audits are completed accurately and quickly. The post A finance leader's guide for successful audit appeared first on FutureCFO.
What Every CFO Should Know to Protect the Business (and Their Career) You dont need to be an actuary or compliance expert to understand risk. While many executives associate risk with compliance departments or specialist consultants, CFOs dont have the luxury of passing the buck. A failed audit. The board expects more.
Audit functions that fail to adapt well to hybrid auditing risk a loss of effectiveness and influence at a time when real-time assurance has never been more vital to the wider organisation, said Gartner recently. Below are some of the best practices.
Navigating South Africa’s Reporting Maze: What Every CFO Needs to Know Navigating the complex landscape of regulatory reporting in South Africa can be daunting, especially for CFOs who bear the responsibility of ensuring compliance while also driving strategic financial decisions.
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. Purpose of the Role The controller ensures financial reporting compliance and accuracy while preventing and detecting fraud. CFOs must also be excellent communicators.
Asia’s ESG journey BlackLine regional vice-president for Asia, Nikhil Parambath , says Asia's business leaders are focusing on strategic initiatives for long-term growth, with an increasing emphasis on ESG compliance to build trust among stakeholders.
Steps for Standardization: Conduct an audit of existing financial reporting and ERP systems in both organizations. Regulatory Compliance : Uniform financial data helps maintain compliance with healthcare regulations. Leadership should set the tone at the top, emphasizing the importance of internal controls and compliance.
With audits ramping up and penalties exceeding $100,000, understanding sales and use tax is essential. The cost of sales tax non-compliance. Worst-case scenario, the state or municipality issues a tax audit and assessment, creating severe financial distress in the business. . Sales tax compliance services.
Read less about accounting trends and more about human psychology, influence, and communication. What to do : Dont delegate compliance updates to juniors. Create your own internal audit of stressors, and put controls in place. What to do : Reflect on how you lead. Ask your direct reports for feedback. Invest in coaching.
Embarking on your first financial audit can be nerve-wracking. This article includes small business accounting tips to prepare for an audit while minimizing its expenses and findings. An audit evaluates: Compliance with accounting standards (GAAP or IFRS.) Risks of fraud or non-compliance.
Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.
Internal communication must be managed carefully to protect whistleblowers and avoid tipping off suspects. If you’re managing a fraud investigation internally, maintain a timeline and audit trail. Fraud Prevention as a Leadership Strategy The best CFOs arent just compliance expertstheyre risk leaders.
Audits, while essential for maintaining the integrity and trustworthiness of an organization’s financial reporting, can be a daunting task. This is not just because of the intricacies and specificities required by the auditing standards but also due to the numerous challenges faced by organizations in the run-up to an audit.
Whether it is poor post-close planning, misjudged synergy estimates, or ineffective communication across teams, failure tends to follow patterns. Inconsistent Financial Reporting and Controls: A lack of visibility into financial data, reporting cadence, or compliance frameworks can result in missed targets and stakeholder distrust.
Compliance. Compliance. If your nonprofit requires an audit, the board should engage directly with the audit firm. Finally, the board should be aware of significant compliance requirements the nonprofit is subject to and ensure a system of accountability is in place. Review annual audit . It’s very common.
For the Chief Financial Officer, integrity cannot be relegated to policy documents or compliance manuals. Integrating non-financial KPIs – such as ESG outcomes, compliance history, and even ethical leadership behaviourssends a clear signal that how results are achieved matters just as much as what is achieved.
Additionally, I learned the importance of cultural sensitivity and effective communication. Communication Skills: Effective communication is vital for conveying complex financial information to non-financial stakeholders, including the board of directors and investors.
Many finance professionals are starting to feel that they are too focused on historical data, reporting, compliance, etc. Moving into FP&A from other fields of finance, such as accounting and audit, has recently become very trendy. LinkedIn is full of advice, courses and trainings focused on this transition.
Chief Compliance Officer. A chief compliance officer ensures financial institutions adhere to all applicable laws and regulations. To keep a business running smoothly and help avoid costly non-compliance fees, CCOs monitor company policy and compliance. Communication Skills. Average salary: $114,832 per year.
Maintaining compliance can be tricky for merchants, however, as they may struggle to comprehend all aspects of these rules or find cost-effective ways to adhere to them. Compliance Complexities. Compliance Complexities. Some firms may also simply wish to avoid the cost and distraction of conducting regular PCI audits.
AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
Actionable Preventive Steps: Establish Strong Governance : Set up an independent audit committee to oversee financial reporting and ensure that internal audits are performed regularly. Employee Verification : Periodically verify that all employees on the payroll are legitimate by cross-checking records with HR data.
Performance management is a range of practices which a company uses to measure its performance and communicate results. However, interpersonal and communication skills are equally important, especially today when we are witnessing a huge shift of the FP&A organization towards business partnership model.
In this episode, we dive into five issues that are at the heart of optimizing Quote-to-Cash to Compliance with SAP Revenue Recognition and subscription management applications, including complex bundling scenarios. Closing and Reporting: How can we shorten our periodic closing cycles while assuring reporting and disclosure compliance?
E-invoicing mandate and ESG compliance add further complexity dimensions to the priorities and challenges faced by the Office of the CFO. Office of the CFO must navigate these varying regulations and ensure that AI solutions comply with local laws to avoid non-compliance and potential penalties.
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