Organizations are under increased scrutiny to demonstrate fair, accurate financial information in all material respects when reporting to the investing public. In fulfilling fiduciary responsibilities to their key stakeholders, organizations must ensure the process to produce public financial information is designed to address all critical aspects of financial reporting, operates effectively, and demonstrates the organization’s accountability for key steps.
The financial close process is known to be inefficient and inconsistent. Organizations have difficulty demonstrating that all critical steps have been executed. There is also a lack of clarity regarding the status of financial close processes. The inability to demonstrate management accountability for the financial close process and resulting reports increases the potential for material misstatements of financial information.
RSA Archer Financial Close provides organizations with structure and tracking for the financial close process, reports, and validation activities. By enabling visibility to the financial close process across the organization, Financial Close provides greater accountability in financial reporting.
With Financial Close, organizations have a clear, consistent outline for executing the critical steps of the financial close process. Organizations can track the status of financial close processes across the entire organization and gain visibility into issues and remediation actions associated with the production of financial information. Financial Close allows organizations to assign responsibility for financial certifications and track overall progress of executive validation of financial results.