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Companies plan to automate internal controls, poll says

Tammy Whitehouse | July 17, 2018

Companies are migrating toward automating their internal control over financial reporting, according to a recent survey by Financial Executives Research Foundation.

In a poll of nearly 200 senior-level executives, more than half of the larger companies in the sample (those with at least 10,000 employees) said they had plans in the near future or on the horizon to invest in automation of their internal control environment. More than half said they would automate at some point in the next year to 18 months, and one-fourth plan to automate in the next six to 12 months. Only one-in-five said they had no plans to automate controls.

Smaller companies are less likely to automate controls in the next 18 months, according to the poll. Among companies with less than 10,000 employees, 60 percent said they had no plans to automate ICFR, but nearly 30 percent...

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