Corporate reporting standards fail to rise

Link: Untangling the Sarbanes-Oxley tape

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.

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