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Monday, August 28, 2006

High Risk of Sarbanes-Oxley Control Weaknesses Common in Financial Reporting Cycles

The reason for widespread spreadsheet use is that key revenue recognition and reporting tasks are still not automated in Financial/ERP systems. Only 8% of all responding companies report that they are able to complete their revenue reporting process without having to take data offline and into spreadsheets. The rest of the surveyed companies use spreadsheets, which are prone to errors, lack audit capabilities and resist internal controls. These results should be a concern for corporate finance departments, executives, and investors and auditors alike, because the risks introduced by spreadsheets go against basic compliance principles.

High Risk of Sarbanes-Oxley Control Weaknesses Common in Financial Reporting Cycles

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