Company reporting falling short - PwC
A single report needed for external and internal consumption, says PwC
David Phillips, PwC
Company reporting in the FTSE350 is falling short of providing enough to
properly reveal what their activities and prospects, according to a report from
PrciewaterhouseCoopers.
The
report claims companies are involved in tick-box exercies but fail to
communicate adequately.
PwC partner David Phillips said: “If your business was to be bid for, would
your current reporting help or hinder your defence? The starting point for an
attack on your competence, integrity and track record will be how you have
presented yourself externally. If the external picture is a poor reflection of
the internal reality, it will only make your life more difficult.”
The report suggests that companies need to adopt a single for reporting both
externally and internally, something rarely done among public companies
currently.
“Disconnected reporting promotes the wrong image, and it raises questions
about the quality of management and governance of a company, which can only
contribute to uncertainty and market doubts,” said Phillips.
