New emerging automation technologies are approaching at a fast pace. Finance professionals including Auditors and Management are in dialogue on how to provide assurance on financial statements when organizations have or will apply these technologies. Finance professionals ask, “How do I infuse reliability into financial statements, with the advent of these technologies?”

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Automation technologies rely on inputs and commands that are developed and directed by Management. This will require increased robustness of Management Review Controls (MRC's)  to ensure that financial statements are complete, accurate and represent a fair picture of the company’s report card. With increasing automation, the risk of unreasonable, inconsistent and biased assumptions and approximation techniques used to calculate accounting estimates does not decrease. MRC’s are therefore, going to be remain ever more important especially when automation technologies are deployed.

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Is your Finance team working at break-neck speed to deliver on relentless business needs?

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If so, how comfortable are you with the Internal Controls over Financial Reporting in terms of passing an audit?

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Consider that the regulators continue to hold sound Internal Controls in high regard to protect the investors. They exercise their regulatory obligations by rigorously auditing the external auditors. This in turn is leading to a heightened awareness by the auditors. The result has been an increased focus on the adequacy of MRC's, especially over material estimates in the financial statements.