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Weve got what we think is a rather exciting model, which we describe in a working paper, that helps forecast in advance the likelihood that a firm will go on to commit accounting fraud. So, they change inventory methodology, or they change their assumptions on revenue recognition, and they make it such that they beat these forecasts.
Preparing for a financialaudit 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.
FinancialReports That Dont Age Like Milk: The Power of Real-Time Data Imagine running a business where financial decisions feel like guessworkwaiting weeks for reports, struggling with outdated data, and constantly fearing human error. This is the power of Financial Information Systems (FIS).
Accountability Isnt Admin Its Your Performance Lever For all the talk about AI-driven forecasting, real-time dashboards, and digitising the finance function, there remains one cornerstone of high-performing finance teams that no technology can replace: accountability. Reports are produced. Are variances explained, or merely noted?
Speaker: Claire Grosjean, Global Finance & Operations Executive
Join Claire Grosjean for a dynamic discussion on how finance leaders can leverage data-driven strategies to improve spend visibility, enhance forecasting accuracy, and drive cost optimization without losing sight of the human element that makes financial decision-making effective. Master the balance between analytics and action.
To counter this, Innocent and his team use agile forecasting frameworks, scenario modelling, and real-time analytics. He explains that this approach not only stabilised SAQA post-COVID but also helped them build financial reserves to secure operations for several years. When Innocent joined QCTO, he found financial chaos.
Before setting up shop, understand: Which financialreporting standards apply (e.g. Are there statutory audit requirements? What are the filing deadlines, documentation standards, and audit tolerances? Set up a robust communication and reporting cadence. Ensure local teams know when, what, and how to report.
The CFO must lead a comprehensive clean-up of financialreporting processes. This includes restating prior-period financials where necessary, strengthening internal controls, and ensuring that audit findings are addressed in full. The finance team must be empowered to report accurately and independently.
First and foremost is financial acumen—understanding financialreporting, budgeting, forecasting, and compliance is foundational. It would combine the best aspects of financialforecasting and strategic planning, helping companies stay ahead in a constantly evolving landscape.
He concedes that AI has significantly transformed finance teams by automating processes, improving forecasting, and enhancing risk management, but he notes that its effectiveness depends on access to up-to-date data. Regular skills audits can help finance leaders understand where gaps exist," he says.
Most finance teams can deliver reports. They can reconcile accounts, update forecasts, and manage audit schedules. When reporting season, audits, or board meetings come up, mentoring is the first thing to fall away. Apply the same discipline you use for financialreporting or audit preparation.
Oleg Kozlov , head of internal audit at Modern Mills Company , discusses how CFOs traverse multi-jurisdictional finance challenges in 2025. Assigning dedicated experts, especially for forecasting activities, which commonly recorded with less detail, would further reduce the stress on local teams, enhancing both accuracy and efficiency."
They are dealing with facts, forecasts, and risk. 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.
Dancing with Chaos: Why Smart CFOs Say Yes to Unstructured Work For many years, the role of the Chief Financial Officer was defined by order, certainty, and structure. It was about budgets, forecasts, monthly closes, and audits. Everything had its place. Everything had a process. But something has shifted.
Serving as Group Head of Reporting (UK) at Liquid Telecom, where I helped standardise reporting across regions. Managing full audit functions, raising capital, implementing new accounting systems, and reporting to lenders and boards at several organisations. Essentially, a financialforecasting time machine.
At The Charity CFO , weve worked with hundreds of nonprofits (if not thousands)and reviewed thousands of financial systemsover the past decade. Its not just about clean books or audit prep. The organizations that thrive have a shared commitment to financial discipline, strong internal controls, and strategic leadership.
Exit Readiness : Transparent, governed data enhances financialreporting and ERP systems, positioning companies for IPOs or strategic sales in an improving liquidity environment. trillion in dry powder fuels consolidation.
For the Chief Financial Officer, integrity cannot be relegated to policy documents or compliance manuals. It must be lived, demonstrated, and embedded across every financial decision, every forecast, every conversation with the board. Financialreporting is not just a compliance exercise. It is a cultural mirror.
To weather these storms and keep moving forward, your financial strategy should include: Smart Budgeting – As you create your budget, look for opportunities to leverage data for strategic asset allocation, respond to market trends, and invest in initiatives like hiring, technology, or outsourcing. Latest insights Leadership 05.29.25
Ensure auditablereporting and compliance The CFO needs to work with other functions like corporate financialreporting, regulatory compliance, tax, treasury, and legal to ensure timely, auditablereporting and financial accounting. You can unsubscribe at anytime.
You can’t forecast global growth without factoring in these new labor tariffs. And if your financial model can’t surface them early, it’s not a model. No more reconciling disconnected spreadsheets or uncovering misclassified contractors during a tax audit. You can unsubscribe at anytime. It’s a liability. TechTarget, Inc.s
Theyre the people who spot errors in a sea of numbers and ensure the books are airtight and audit-ready. Trying to combine this role with the CFO function often fails because bookkeeping is structured and rule-bound , while financial leadership requires a more strategic, creative, and big-picture thinker. Get the free guide!
ERP systems help automate compliance reporting, carbon footprint tracking, and environmental audits. Government Mandates : Governments are introducing stricter regulations for reporting, carbon management, and renewable energy integration.
billion USD), versus the €2 billion forecast previously, according to a separate press release detailing preliminary results for its H1 of 2025. Daily Dive M-F Tech Weekly Every Tuesday By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. billion to 1.5 billion euros ($1.16
Employers added a less-than-forecast 73,000 workers in July, and revisions cut job growth in June and May by a total of 258,000, the Labor Department said. Daily Dive M-F Tech Weekly Every Tuesday By signing up to receive our newsletter, you agree to our Terms of Use and Privacy Policy. You can unsubscribe at anytime. TechTarget, Inc.s
Your strategic business forecasting must include proper considerations for section 280E – this is essential to planning cash flow and avoiding catastrophic tax bills at year-end. Depreciation and amortization reported for tax purposes in excess of that reported in financialreports. What is IRS section 280E?
This accessible program can accomplish various tasks, such as financialforecasting and budgeting. If your business has used Excel for financialforecasting, you may have found some challenges with the program. However, there can be some disadvantages to using Excel for your company’s financialforecasting.
Financialreporting is a critical task for any organization. Understanding where your actual financials stand in relation to budgets and projections is important to keeping your business on track and in helping to create new projections and budgets. When using spreadsheets for financialreporting, these errors are amplified.
Preparing for a financialaudit 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 financialaudit 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 contrast, a CFO is a more strategic financial professional, focusing on long-term planning, investor relations, and overarching financial strategy. Purpose of the Role The controller ensures financialreporting compliance and accuracy while preventing and detecting fraud.
As a business owner or chief financial officer (CFO), spreadsheets may be an important part of your financialforecasting, planning, and budgeting processes. With its widespread use, some businesses may see Excel as their only solution for corporate financial planning.
When choosing the best financialreporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have. What is financialreporting software?
AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
S&P forecasts that Asia-Pacific will achieve real growth of 3.5% Technology has made financialreporting easy for everyone involved in the process, from the finance and accounts team preparing reports to the regulators, investors, and others who use those reports. in 2023 while Europe and the U.S.
In the near term, corporates are looking to mitigate the negative impacts stemming from the global pandemic; in the longer-term, they’re seeking reliable forecasts to plan for a future in a market in which certainty remains painfully low. “All of this has come into play in the last couple of months.”
The list of typical FP&A activities usually includes planning, budgeting, forecasting, analysis, management reporting and performance management. Forecasting is the practice of making regular predictions about the company’s expected future results based on the past and present data as well as on the anticipated future events.
This accessible program can accomplish various tasks, such as financialforecasting and budgeting. If your business has used Excel for financialforecasting, you may have found some challenges with the program. Why Businesses Use Spreadsheets for FinancialForecasting. Risk of Errors.
Financial Risk Forecasting Predictive models can analyse your company’s financial data—such as revenue patterns, cash flow, and expenses—to identify potential financial risks. Start by leveraging data from your accounting systems and working with your finance team to create simple forecasting models.
FP&A software assists CFOs, finance leaders, and FP&A experts in ensuring the financial health of their organization by tracking and analyzing current outcomes and forecasting future performance. Analyzing the effects of past and future financial activities and behavior in order to evaluate risk. Easy-to-use interfaces.
This system should then be able to support your organization in maintaining accurate records of each fund, tracking revenue and expenses, and preparing financialreports that show how each fund is performing. These reports can help you make informed decisions and identify areas for improvement.
Overcome financial challenges. Navigate an audit or transaction. For example, developing a cash flow forecast, completing price/cost analyses, performing due diligence on an acquisition, creating a strategic plan for the company, preparing or an exit strategy for the business owner, the list goes on. Optimize strategy.
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