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CFO Dive
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We provide business journalism and in-depth insight into the most impactful news and trends shaping finance
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CFO Dive provides in-depth journalism and insight into the most impactful news and trends shaping finance. The daily email newsletter and website cover topics such as strategy, operations, budget and cost analysis, forecasting and planning, compliance and more. CFO Dive is a leading industry publication operated by Industry Dive. Our business journalists spark ideas and shape agendas for 13 million decision-makers in the most competitive industries.
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Updates
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An increase in flawed reporting by audit firms is persisting, the Public Company Accounting Oversight Board (PCAOB) said in a report. Nearly half of the firms’ engagements reviewed by the PCAOB revealed evidence that the auditor failed to obtain enough evidence to support its opinion, according to the report. While there are some "small signs" of movement in the right direction, "overall deficiency rates are unacceptable, and firms must do better,” PCAOB chair Erica Williams said in a statement. “Now is the time to double down on efforts to improve and deliver the audit quality investors deserve.” #accounting #auditing #regulation https://lnkd.in/e5xsisgq
PCAOB says deficiencies rise among reports by audit firms
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Opinion: Today, effective digital transformation today means making a much deeper commitment than just buying a new IT product or upgrade. Finance leaders have relationships with operational leaders, making them ideally placed to lead the shift towards digitization. However, in order to do so, finance chiefs need to ensure they are building a constructive relationship with IT and Data Management, AICPA's Tom Hood, CPA,CGMA,CITP writes. #digitaltransformation #leadership https://lnkd.in/eqJni5EM
Building constructive partnerships to drive digital transformation
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With AI in the spotlight, CFOs are taking a close look at how the technology can help improve their teams' efficiency or upgrade their products and offerings. However, it’s important for finance chiefs not to lose sight of what makes the technology tick — which is, above all, data, said Guido Torrini, CFO of privacy and security software provider OneTrust. Regardless of its potential applications, however, “it’s important as a CFO, to think about what the broader idea of AI means,” Torrini told CFO Dive in an interview. “It means that you need to have incredible access to data.” #artificialintelligence #datamanagement #dataprivacy #cybersecurity https://lnkd.in/e59XejAA
To drive AI efficiency, CFOs must focus on its ‘fuel’: OneTrust
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The U.S. Securities and Exchange Commission fined 26 financial services companies, including Edward Jones, Raymond James and Ameriprise Financial Services, LLC for breaking federal record-keeping laws, according to a Wednesday announcement. The firms were fined a collective $390 million for their “widespread and longstanding failures to maintain and preserve electronic communications,” the SEC said. #finesandpenalties #regulations #electroniccommunications #recordkeeping https://lnkd.in/eSnwFhze
SEC imposes $390M in fines in crackdown on shoddy record-keeping
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Cisco plans to lay off 7% of its global workforce in a restructuring plan more about "reallocating versus being in pursuit of cost savings, CFO R. Scott Herren said during the company's latest earnings call. The layoffs come as Cisco seeks to invest in key growth areas such as artificial intelligence while also driving more efficiencies in its business, according to a company filing. #layoffs #labormarket #artificialintelligence https://lnkd.in/eEWrEeN3
Cisco plans to cut 7% of workforce amid AI push
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Opinion: While inflation may be easing, the reality is not just that prices are increasing, but that currency is losing value, Simon-Kucher's Adam Etcher writes. Finance chiefs need to be able to steer their organizations through these complexities and drive real price increases beyond nominal measures, Etcher writes. #pricing #inflation https://lnkd.in/eJ7fKjyS /
How to push price and bust currency devaluation
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Though they remain underrepresented in the role, appointments of women to the CFO seat reached a five-year high this year, according to data from Russell Reynolds Associates. The tech industry in particular has "made large strides in gender diversity," according to the report, with women representing 38% of incoming CFOs in the space. #techindustry #DEI #leadership https://lnkd.in/eYitTCef
Women rise to five-year high in CFO appointments
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The consumer price index rose last month at just a 2.9% annual rate, fueling expectations that the Federal Reserve Board will trim the main interest rate next month. The report "reinforces" the Fed's bias to cut, analysts said, with many expecting a quarter-point reduction in September. “It would take quite a bit of evidence that the U.S. economy is reheating for an interest rate cut in September to come under doubt,” Matt Colyar, an economist with Moody's told CFO Dive in an email. #interestrates #inflation #consumerpriceindex https://lnkd.in/eXkknvHu
Inflation slows to three-year low, clearing way for Fed rate cut
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Chipotle Mexican Grill CFO Jack Hartung will postpone his retirement and remain with the company as its president of president of strategy, finance and supply chain, the restaurant chain said Tuesday. The news comes after Chipotle announced CEO Brian Niccol will be moving to take the top executive seat at Starbucks, with Hartung remaining to support company leadership and to ensure a smooth transition. #leadership #restaurantindustry https://lnkd.in/eqNe2zd5
Chipotle CFO postpones retirement; stays on in president role
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