Enhancing trust and internal controls to help reduce risk amid rising material weaknesses

Amid resource constraints, technology is vital for automating control operations and testing, enhancing precision, early weakness detection, and reducing risks.

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As organizations face resource constraints and struggle to maintain precision in operating and testing controls, leveraging technology can be key.

PwC's latest eBook highlights the rising trend of material weakness disclosures, indicating the need for organizations to address core issues such as personnel shortages and system changes. By adopting a digital mindset and leveraging technology, organizations can help mitigate the impact of material weaknesses and enhance their risk management efforts.

Read Enhancing trust and internal controls to reduce risk amid rising material weaknesses to learn more about:

  • The sharp increase in material weakness disclosures in IPOs, indicating a growing volume, complexity, and extent of compliance activities.

  • How personnel shortages, segregation of duties conflicts, financial close process, IT general controls, management review controls, and M&A integrations are some of the core issues contributing to material weakness.

  • Insights on how system changes, resource constraints, and complacency can be overcome through technology and a digital mindset to help mitigate material weaknesses.

Delve into key challenges that organizations can face in maintaining precision and frequency in operating and testing controls, and how leveraging technology can help automate control operations and testing, increase precision and help with early detection of weaknesses.

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