CFO Survey: Finance Teams Have Firm Grasp of Regulations
by Terri Eyden on
By Jason Bramwell
A recent survey of more than 2,100 CFOs across the United States by Robert Half Management Resources found that almost three-quarters (73 percent) of respondents classified their accounting and finance teams' regulatory and compliance knowledge as either "excellent" or "good."
When asked how they would rate their accounting and finance professionals' expertise on regulations and compliance, 48 percent of CFOs reported their expertise as good, while 45 percent characterized their knowledge as excellent. Only 7 percent rated their expertise as fair (6 percent) or poor (1 percent).
Report on Regulatory Issues
To find out how financial services firms are addressing regulatory and compliance issues, download the Robert Half Financial Services Global Report: Navigating Change in an Evolving Regulatory Landscape.
"It's not surprising today's finance teams feel they're current on new regulations, but businesses shouldn't fall into a false sense of security, thinking catching up to existing mandates is enough," Paul McDonald, senior executive director of Robert Half, said in a written statement. "Corporate leaders need to implement proactive strategies to ensure their employees stay up to date on emerging regulatory demands."
McDonald provided the following three strategies that managers can use to ensure their teams maintain the necessary regulatory and compliance expertise:
- Provide training opportunities.
- Offer access to industry seminars and continuing professional education courses.
- Bring in consultants with specialized experience who can support compliance initiatives and cross-train existing staff.
About the survey:
The survey was developed by Robert Half Management Resources, a provider of senior-level finance, accounting, and business systems professionals on a project and interim basis. It was conducted by an independent research firm and is based on interviews with more than 2,100 CFOs from a stratified random sample of companies in more than twenty of the largest US metropolitan areas.
- SOX Compliance Survey Shows Need for More Scrutiny on High-Risk Processes
- Survey Shows Small Businesses Struggle with Complex Tax Code; Turn to Accountants
You may like these other stories...
The Financial Accounting Standards Board (FASB) has relaunched its technical agenda web page, which Chairman Russell Golden said will inform visitors at a glance on where any given FASB project stands, the steps it took to...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...
Read more from Larry Perry here and in the Today's World of Audits archive.AU-C Section 800, Special Considerations—Audits of Financial Statements Prepared in Accordance With Special Purpose Frameworks, paragraph ....
Upcoming CPE Webinars
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
FRF for SMEs Series--Measurement and Disclosure Principles for various Consolidations and Business Combinations, Part 4B
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
In this session we'll review best practices for how to generate interest in your firm’s services.