Over 1,000 public companies disclosed material weaknesses to the SEC last quarter or 19% of the total filings. Surprisingly, more than 15% of these disclosures were from companies with greater than $100 million in revenue. In addition, 75% of the companies in last year's State of SOX/Internal Controls Market Survey reported that the cause of control failures was because controls were not properly monitored.
Most companies today manually test only a small sample of their controls and are constantly challenged with the ever growing volume of transactions and complexity of their financial close process.
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