Survey - KPMG

accounting impacts. 5%. Systems requirements development. Beyond your specific financial reporting duties, what compliance issue most keeps you up at night ...
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27

th

Annual Accounting and Financial Reporting Symposium Internal controls over financial reporting (ICFR) and cyber security risks are growing concerns for executives responsible for reporting corporate financial performance. Those two issues topped executives’ list when asked what kept them up at night.

ICFR

Cyber Security

21% 2016

13% 2016

30

%

22

%

2017

2017

Where are you currently in your implementation of the lease accounting standard?

34%

18%

19%

5%

Not yet begun

Lease inventory completed

Assessment of accounting impacts

Systems requirements development

9%

13%

1%

Software vendor selection

Implementation in progress

Implementation completed

Beyond your specific financial reporting duties, what compliance issue most keeps you up at night?

30%

ICFR

22%

Data infiltration and IT security

%

19

The specter of future regulatory mandates

8

Other current regulatory compliance issues

%

12

Anticipating and staying ahead of future investor reporting demands

9%

Tax compliance

%

Including critical audit matters (CAMs) in the auditor’s report will help our investors gain insights into my company.

4 29% 23% 31% 13% %

How concerned are you about cyber security?

Strongly agree

55%

Agree

42%

Neither agree nor disagree

Somewhat concerned

3%

Disagree

Very concerned

Not concerned

Strongly disagree

My organization has increased investment in new technology in the past year specifically to enhance financial reporting.

63

%

37%

My financial reporting organization is struggling to keep pace with the rate of technological innovation in our sector.

Yes

36%

30%

33%

Agree/ Strongly agree

Neither agree nor disagree

Disagree/ Strongly disagree

No Source: Survey of 524 financial reporting executives at KPMG’s Accounting and Financial Reporting Symposium, Nov. 30–Dec. 1, 2017. Results may not add to 100 percent due to rounding. © 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. NDPPS 734784