Given the greater levels of scrutiny that are being assigned to the role of corporate governance, it should not come as any surprise that the corporate-reporting function is also the subject of heightened interest. This collection of PwC thought leadership offers some new ideas for this on-going responsibility, including ways to create competitive advantage via enhanced reporting, as well as an examination of what PwC calls “integrity-driven performance.”
Compliance and Technology: A Special Report on Process Improvement and Automation in the Age of Sarbanes-OxleyA report prepared by CFO Research Services, in collaboration with Virsa Systems and PricewaterhouseCoopers LLP In March 2005, CFO Research Services (a unit of CFO Publishing Corp.) launched a research program in collaboration with PricewaterhouseCoopers and Virsa Systems to explore the role of automation in companies' efforts to comply with the Sarbanes-Oxley Act of 2002. In the study, 180 top financial executives from a wide range of companies were interviewed. Interestingly, it was found that companies are reaping some unexpected benefits from a law that many have found to be challenging. While their compliance efforts may have revealed weaknesses in controls and business processes, a majority are accelerating their efforts to remediate these problems through control optimization, process improvement, and automation.
Protecting the Brand: The evolving role of compliance functions and the challenges of the next decade
This report reveals that the concept of embedding a compliance culture within financial services organizations is widespread, however to ensure a successful and effective compliance function a number of challenges remain. 73 institutions in Europe, Australia, Hong Kong, Japan, Canada and the US participated in this in-depth study and detailed interviews were held with senior management and group compliance officers as well as regulators and trade associations.
PwC's Global Best Practices paper on Organizational Structure
This is the second paper in a series on best practices for governance, risk, and compliance (GRC). A strong organizational structure is key in helping companies use their overall GRC activities effectively to improve bottom-line and risk-management performances. It examines the impact of a company’s organizational structure on the reporting relationships between different functions and positions of management and staff. It also identifies the individuals who manage and control key functional areas and resources.
Companies That Go Beyond Reporting Create Business Value, New Report SaysCompanies can turn regulatory compliance and heightened corporate governance efforts into opportunities that create value for their businesses, according to "Beyond Reporting" from the World Business Council for Sustainable Development (WBCSD). This new report explores how companies can obtain value and restore trust by understanding the relationship between accountability and sustainability and their core business strategy. Beyond Reporting was co-authored by Alcan, Caterpillar, Environmental Resource Management (ERM), and PricewaterhouseCoopers LLP.
New—PwC’s Global Best Practices Paper on Compliance MonitoringWorld-class companies are embracing a vision of compliance that aligns compliance monitoring processes with the operational policies needed to protect and improve the franchise. By integrating compliance monitoring processes, leading companies are better able to meet their regulatory obligations, manage risk, and enhance business performance. Read GBP's report on compliance monitoring.
Business Class Priorities: The New Focus on Corporate Reporting InitiativesData Management: An Executive BriefingMuch of the investment in improving corporate reporting over the past five years has focused on ERP systems, data warehouses and business intelligence tools. But in spite of these efforts, when it comes to corporate reporting, most companies are still "spinning their wheels."
Navigating Corporate Culture and Avoiding US Tax Pitfalls for Multinationals
Tax directors, controllers, and financial vice presidents of U.S. corporations going international for the first time or retooling existing international structures may be bombarded by advisers with multiple variants of possible organizational charts with boxes, inverted triangles, circles, and terms such as "DREs" and "check-the-box." Often lacking is practical advice and counsel to enable the tax director to navigate through the complexities of cross-border tax laws and corporate realities. The purpose of this article is to address some of the practical issues and problems tax directors face in cross-border tax planning.
Current Developments for Audit Committees 2005This report is PricewaterhouseCoopers' annual update, intended to inform audit committee members of current business and regulatory developments affecting their responsibilities. Of particular interest are developments surrounding first-year Section 404 reporting, which is challenging companies in ways never before experienced.
Shareholder Questions 2005The purpose of this document is to assist management of public companies in preparing for the annual meeting and to be able to provide informed responses to shareholder questions. The document contains examples of questions that might be asked, based on those asked at annual meetings in recent years, and considering current events, including Section 404 compliance in this first year of reporting on internal control over financial reporting.
World WatchThe latest edition includes 42 pages of news, opinion articles, a case study and an interview on IFRS, audit, governance and sustainability issues.
Trends 2005: Good Practices in Corporate ReportingThis report highlights the key trends in regulation worldwide and identifies reporting from 42 forward-thinking companies worldwide that provide information on their markets, strategies, how they manage for value, and performance. These examples are structured around the ValueReporting Framework, which is the codification of nearly a decade of capital markets research. They demonstrate how these companies are already embracing the demands for greater transparency that is the ultimate goal of much of the new legislation worldwide.
Building Public Trust: The Future of Corporate ReportingPublic trust in those responsible for reporting corporate performance information has been shaken to its foundation. Investors and other stakeholders are demanding greater corporate transparency. This book offers a fresh view of the responsibilities of every participant in the Corporate Reporting Supply Chain and, more important, a revised model for corporate disclosure.
New Reporting and Compliance Rules Challenge Systems At Most Large U.S. Companies, PwC FindsCompliance with the Sarbanes-Oxley Act and other new corporate reporting requirements are a "major challenge" for most U.S. multinational companies. More than half are considering purchasing new technologies over the next 12 months to improve their current reporting infrastructure, according to PwC's Management Barometer.
40 Percent Of U.S. Multinationals Must Adjust Corporate Reporting To Meet SEC's Accelerated Reporting Requirements, PwC FindsFour in 10 U.S. multinational companies will be unable to meet the Securities and Exchange Commission’s accelerated quarterly and annual corporate reporting requirements without significant internal changes in procedure, according to PricewaterhouseCoopers’ Management Barometer. Another 50% expect to meet all requirements.
