Financial Reporting Compliance: opportunities to reduce costs and improve compliance

Work smarter: Rethink your financial reporting compliance programme

Imagine a financial reporting compliance function that keeps pace with the rapid changes of businesses, one that exceeds the ever-increasing stakeholder expectations, while proactively addressing the constantly changing risk profiles. PwC has re-imagined financial reporting compliance in a way that reduces total cost of compliance and helps turn risks into rewards

As leading organizations evaluate their financial reporting compliance programmes, we find that they hope to be aligned with strategic and compliance objectives that deliver quality but are right-sized for their environment. They also seek to leverage the rise of digital transformation initiatives in order to address business changes and technological advances.

If you're thinking about a similar journey, consider these three areas.

PwC's Digitally Enabled Financial Reporting Compliance

Digital initiatives are picking up pace

What digital initiatives is your business undertaking?
How is your financial reporting compliance programme taking advantage of your digital advancements?
How can your financial reporting compliance programme keep pace with the advancement in technologies?
Can you drive greater quality from your financial reporting compliance programme by taking advantage of advances in technology to build even more intelligent, efficient compliance programs?

Pressure on cost is constant

What is the total cost of your financial reporting compliance programme?
Have you considered your total cost of compliance?
What are you not doing because your time and budget is consumed with financial reporting compliance activities?

The war for talent continues

Is your financial reporting compliance programme suffering because of turnover?
Do your financial reporting compliance testing resources have the right skills to do testing today—and build an approach that is cost efficient?
Could your financial reporting compliance testing resources be deployed on higher risk matters?

Ready to make a change?

Innovative technology can improve the quality of your financial reporting compliance programme, make it more cost effective, and deliver insights. But are you wondering where to start? Our financial reporting compliance team helps you leverage our Intelligent Controls solution along with our experience to transform risk into reward. Our Financial Reporting Compliance Digital Experience solution combines:

Compliance experience that brings value in all we do—from analytics-based risk assessments using PwC’s Financial Reporting Compliance Scoping Central accelerator that drives better scoping decisions, to high quality efficient testing, to risk mitigation solutions and solving for complex deficiency issues.

Digitally upskilled, compliance-minded resources, when and where you need them, which include our efficient and cost effective acceleration centers located in five countries across the globe and a key component to enabling our 24*7 Financial Reporting Compliance Test Factory accelerator—incorporating technology and automation every step of the way.

Innovative technologies such as intelligent automation software like RPA, machine learning and artificial intelligence; and Financial Reporting Compliance Works—PwC’s proprietary Financial Reporting Compliance workflow solution and component of the Enterprise Control product suite—a cross system analytics solution that helps companies assess risks within their enterprise system data.

The value we’ll bring to your Financial Reporting Compliance function

Lower compliance costs
Technology-enabled, digital financial reporting compliance
A dynamic, customized solution

Lower compliance costs

A right-sized, scalable Financial Reporting Compliance programme that delivers quality at a lower cost:

A fixed Financial Reporting Compliance fee that’s up to 30%* less than your in-house cost, allowing increased investment in your business and people
Scalability through the use of lower-cost, more-efficient testing models including our acceleration centers
Lower overall cost of compliance as a leaner, more efficient program allows the business to focus on operational performance and strategic business needs

*Estimate based on our experience

Technology-enabled, digital financial reporting compliance

A digitally transformed partner that:

Understands the digital paradigm shift and how to use digital transformation to drive more value out of financial reporting compliance
Provides meaningful insights early
Streamlines the financial reporting compliance process and gives greater transparency into risks, controls, and testing progress throughout execution
Constantly invests in technology to make the financial reporting compliance process more efficient while keeping the focus on quality

A dynamic, customized solution

A client-centric solution, leveraging industry experience and regulatory insights, that delivers:

A program that fits your risk profile, with no surprises
A highly customisable financial reporting compliance approach from an upskilled team that keeps pace with your business and its technological changes
Constant leverage of leading practices and lessons learned from financial reporting compliance teams nationwide through our Center of Excellence
Adaptability to quickly reflect changes in your business, industry, and regulatory environment

Combine compliance expertise and technology-enabled solutions to drive quality and balance cost within your SOX program allowing internal resources to focus on higher risk, strategic activities