Increasing IT Requirement for Sarbanes Oxley
The increased demand on a variety of information systems that will come with IFRS conversion. gThe following operations need special consideration:
- Collection of data and notes
- Validation and adjustment of external and internal data
- Full reporting process mapping
- Detailed reports
- Filing processes (e.g., 20-F, 6-K)
- Low-level, ad hoc analysis
- Integrated reporting and controlling dialogue
There will also be greater demand for near real-time and prognostic reporting at a detailed level. gThe increasingly complex accounting and reporting of immaterial assets will deepen the reporting spectrum. All these factors will lead to a rapid increase in overall reporting and controlling complexity, which has to be considered when defining reporting strategies. The current state of financial reporting systems is typically fragmented with multiple disparate legacy systems. Frequently, uncontrolled spreadsheets without version and access controls are used to aggregate critical financial information.
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