A new survey finds that data overload is affecting the financial reporting process
By Joseph McCafferty
November 16, 2016
Financial Executives are straining to keep up as the increasing volume and pace of data clouds their ability to provide meaningful insights to boards quickly and accurately. Certainly, internal audit executives and those involved in the reporting process are likely feeling just as frazzled, as they work to make sense of the endless streams of data and pluck the meaningful fragments from the meaningless noise.
According to a new report by EY Financial Accounting and Advisory Services, 66 percent of CFO (or those that head the financial reporting function) respondents worldwide say they are struggling to process the increased amount of data and that it is having a significant impact on the effectiveness of corporate reporting, up from 57 percent who said data overload was a financial reporting problem in 2015.