News
Memo to finance professionals: Broaden your horizons, take a broader role in your company
Finance professionals recognise the need to shift the emphasis in how they spend their time toward providing management information and decision support to business managers. They also recognise that they need to develop the ability to contribute commercial insight or managerial skills. These enhanced skills are necessary to help them succeed in their careers and to help their employers’ businesses succeed, according to a new CGMA report.Older workers, more cost for companies in developed regions
Older workers are staying longer in jobs, resulting in top-heavy companies whose per-employee cost in Europe has risen 16% since 2009. Productivity is down, and younger workers are having a tougher time finding work, according to a PwC report.Protect “crown jewels” by integrating risk management into strategy
Fewer than two in 10 businesses have integrated enterprisewide risk management into their business strategies despite risks that are growing in volume and complexity, according to a survey performed for the AICPA.Most US small businesses lack disaster-recovery plans
More than 60% of US small businesses do not have a formal emergency-response plan and fail to back up their financial data off-site, leaving them vulnerable to catastrophic data loss in the event of a natural disaster.PCAOB gives audit committees guidance on inspections of audit firms
In an effort to help audit committees make informed decisions, the US Public Company Accounting Oversight Board (PCAOB) released a 26-page report describing how its inspections of audit firms work and how to gather information from audit firms about those inspections.Four steps to formalise internal audit’s strategic impact
Internal audit is evolving from a strict compliance function, but its strategic alignment with business strategy has yet to be formalised and documented in many organisations. Here are four steps to develop a formal strategy document for the internal audit function.The look ahead: Will US consumer data hint at optimism?
Consumer credit data due out in the week ahead could shed light on the economic picture in the US, where a slowing rate of growth is playing a key role in the approaching US presidential election.At work, engagement is lacking; so is meaning
The global workforce is less than enthusiastic about work these days. Leaders hoping to improve levels of engagement should consider three steps, beginning with creating meaningful work, an expert on retention and rewards says. The engaged worker is more productive—and less likely to go to work elsewhere.Nine steps for effective risk oversight by corporate boards
Corporate boards can better prepare for their role in enterprise risk management oversight with a framework aimed specifically at them. A framework produced by the Canadian Institute of Chartered Accountants describes a nine-step process for effective board oversight.Lawmakers reflect on Sarbanes-Oxley’s effect on corporate culture
Former US Sen. Paul Sarbanes and former US Rep. Michael Oxley say the regulations they sponsored and saw signed into law a decade ago are not perfect, but led to changes in the corporate culture in the United States and abroad.Global consultants identify top tax challenges for multinationals and offer advice
More scrutiny during audits, transfer-pricing issues and rapid changes in international tax legislation top the list of global tax challenges in a survey of multinational companies. A global consortium of consultants takes a look at the tax issues and offers advice.IASB to develop IFRS guidance for “micro-sized entities”
Very small companies are expected to receive IFRS financial reporting guidance tailored to their needs.US employers hiring managers from outside more often than promoting from within
Management job seekers in the accounting and finance fields in the US may need to get away from their current employers to get ahead in their careers.US releases model intergovernmental agreement to fight tax evasion
The US Treasury Department released a model intergovernmental agreement designed to implement the information-reporting and withholding-tax provisions in the Foreign Account Tax Compliance Act (FATCA).IFRS constitution change formally splits IASB chair, foundation CEO roles
The IFRS Foundation is changing its constitution to reflect the separation of the roles of the foundation’s CEO and the chairman of the International Accounting Standards Board (IASB).Execs battle skills gap in hiring despite high unemployment
Executives report difficulty finding qualified workers despite high jobless rates. Recruiting workers for positions as varied as engineers, accountants and tugboat workers is a problem. Hire-and-train employee development and new educational initiatives may provide solutions.Home-country Olympic boost for Great Britain? One model says yes
Before the Olympics began, PwC published an economic paper providing a benchmark medal count for each country, taking into account population, GDP, previous emphasis on sports and hometown advantage. Will the UK bring home more medals on its home turf? It’s possible, as China exceeded expectations in the 2008 Beijing Games.The look ahead: Central banks on three continents weigh monetary policies
Economists and investors will be keeping a close eye on the US Federal Open Market Committee.Global workforce less than enthusiastic about work
More than a third of the global workforce feels disengaged, with roughly the same percentage of workers believing that barriers at work keep them from excelling. Employees’ company loyalty hits a five-year low.
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