Assurance Services

Operationalizing statutory reporting: minimizing risks, maximizing compliance

Global statutory reporting consumes a significant amount of time, effort and cost for what many organizations consider to be a non-core finance process. These costs are escalating as organizations seek growth from new markets, and as local regulators increasingly align with International Financial Reporting Standards (IFRS) in countries such as Brazil and the UK.

The seemingly unique requirements in each location can lead to:

• Lack of corporate oversight and accountability resulting in disruptions and penalties from missed deadlines
• Inconsistent design and application of policies and process in local markets increasing the risk of fraud and error
• Key finance resources being diverted from priority and value-added tasks
• A need to retain local reporting expertise to manage changing and complex reporting and regulatory environments
• Lack of corporate oversight and accountability resulting in disruptions and penalties from missed deadlines

We can help

Our multidisciplinary teams explore a range of approaches to reduce the costs of finance associated with statutory reporting and assess ways to streamline processes and reduce risk, such as

• Leveraging the use of IFRS in local markets
• Standardizing accounting policies
• Simplifying and rationalizing legal entity structures
• Outsourcing the preparation of statutory reporting
• Improving integration of tax requirements