Corporate reporting standards fail to rise
Despite the recent accounting scandals and the introduction of harsher legislation, nearly two thirds of finance departments admit to not fully meeting their company's reporting requirements.
Just 35% of finance departments are following reporting guidelines to the letter, while the remaining 65% said there was room for improvement, a survey by Softworld discovered.
In light of this, it was not then surprising that only 24% of those surveyed said the recent accounting scandals had impacted on the way they provided information.
Changes in regulations such as Sarbanes-Oxley and the Higgs report had a slightly bigger impact with a third of finance departments saying that these had increased pressure on their methods and speed of financial reporting.
The survey did however reveal a greater integration of software, with 59% of companies saying they now linked their accounting systems with other applications such as sales databases.