accounting impacts. 5%. Systems requirements development. Beyond your specific financial reporting duties, what complian
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.
