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Optimising Financial Controls
Internal Controls over Financial Reporting: Considering the Corporate Governance Code
Increasing demand is being placed on Financial Controllers to reduce costs, deliver faster, provide more accurate financials, and leverage big data and analytics through efficient and effective Internal Controls over Financial Reporting (ICFR).
The ‘UK SOX debate’ has shone a light on extensive current requirements of the UK Corporate Governance Code (UK Code): a recognised framework and ongoing evidence is needed for stakeholders, directors and their management teams to know controls are operating effectively. Many UK boards lack evidence that their controls are effective and instead rely on trust, taking false assurance based on a lack of contrary information. Financial Controllers should be thinking now about whether their own organisations are able to demonstrate that their controls are operating effectively.
In our latest blog article, we discuss the common challenges that Financial Controllers face and explore ways that these challenges can be helped by leveraging technologies, such as BlackLine, to respond effectively:
- Enhancing the control environment to benefit the business
- Meet the expectations of auditors
- Reduce the cost of compliance
- Releasing time and resources to focus on providing value added
Together, Deloitte and BlackLine have worked to successfully deliver more than 150 BlackLine deployments globally, with an alliance relationship between Deloitte and BlackLine spanning over 10 years. This has led to Deloitte developing a network of hundreds of BlackLine practitioners and our position as the leading BlackLine System Implementer globally. The role of Deloitte extends beyond technology adoption, and includes core finance, control and change expertise to maximise the return on your investment and user adoption
If you have any questions on this topic or Internal Controls more broadly, please get in touch with one of the team below.