By Steve Hobbs, Protiviti
To stay ahead of ever-expanding challenges, companies need to get out in front of financial reporting issues before they become reputation-threatening. The increasing complexity of this environment drives the need for a risk-based process to sharpen management’s focus when evaluating internal controls related to financial reporting. For a pre-public entity, the understanding and continuous evaluation of an organization’s financial reporting risk profile (FRRP) is critical to senior management and directors.