Tech adoption, strategy shifts, and regulatory navigation
Trends in ICFR Programs
KPMG Future of SOX Insights
Organizations currently face a tremendous amount of change and transformation, through technological innovation, evolving regulatory standards, changes in ‘ways of working’ as well as the impact of the overall economy. As a result of this level of change, the way that a company manages their Internal Control over Financial Reporting (ICFR), is experiencing a significant transformation. The traditional SOX testing function needs to evolve into a strategic, control advisor role with a proactive, futuristic, and efficient approach to adeptly navigate the intricacies of global regulations and advanced technological developments, thereby bolstering compliance and resilience. In a Future of SOX webcast on March 21, 2024, KPMG specialists spotlighted technology adoption, strategy shifts, and regulatory navigation.
Key Insights:
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5 things SOX professionals need to do now:
- Evaluate whether your SOX team possesses the necessary skills to serve as controls advisors.
- Support the first line in adopting data analytics and automation for control execution.
- Allocate sufficient time to the Test of Design phase, focusing on risk assessment rather than simply confirming process continuity.
- Review all important public disclosures and ensure the presence of policies, well-defined controls, and supporting documentation.
- Dedicate time to comprehensively understand data flows, going beyond process flows.
Complete polling statistics
What is the size of your organization (revenue)?
Did you have any material weaknesses for 2023?
Did you have any significant deficiencies for 2023?
What rate of control deficiencies did you have at the end of the year?
What rate of control deficiencies did you have during the year (which may have been remediated as of year-end)?
What was your biggest SOX challenge for 2023?
Which of the following topics do you think will have the biggest impact on your SOX program in 2024:
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Trends in ICFR Programs: Tech adoption, strategy shifts, and regulatory navigation
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