Companies are struggling to comply with increased regulations and the growing complexities of financial reporting and tax rules.
In fact, a recent survey by Ernst & Young found that nearly two-thirds of financial executives feel changing regulations will challenge their compliance and reporting processes.
Remarkably, 64 percent of the Fortune Global 500 participating in this study said their companies experienced unplanned tax audits within the past year, with almost half receiving unexpected tax assessments or penalties.
The survey results, summarized in the report Seizing the opportunity in Global Compliance and Reporting, identified key areas where companies can improve global compliance and reporting (GCR). For instance: