Governance IssuesTM
Volume 2023, No. 2
April 20, 2023
In This Issue
The theme is ‘data.’ Few topics are more important than this one as data quality is the foundation for sound business decisions. Our first article offers insights to data quality and relating information flows, while the second reveals some common myths. Our final article explores data needs and considerations in preparing for an IPO.
Organizations should seek to acquire complete, accurate, timely, and relevant data and information that is impartial without the taints of vested interests
By Ron Kral, CPA, CMA, CGMA
While there are many factors that determine organizational success, data quality and information flows are arguably two of the most important variables. Unfortunately, too many business decisions are made with incomplete or inaccurate information, or even worse, a lack of timely data thus precluding awareness of lurking risks and potential opportunities. As a result, faulty data and inadequate information flows can quickly throw an organization’s decision-making process into chaos resulting in the destruction of shareholder value.
By Prashanth Southekal, PHD, MBA, ICD.D
Increasingly more corporate boards and executives understand the importance of data and information flows in accounting, financial reporting, and ultimately improved business performance. Improving the data quality levels in business has profound impacts on meeting regulations and enhancing performance. Business data that is accessible, accurate, timely, protected, valid, and verifiable is part of Principle 13 of COSO’s Internal Control – Integrated Framework.

There are many myths associated with data, and these myths can prevent organizations from achieving improved data quality
Data is the key to transforming finance into an insight producer for the rest of the organization
Industry leading companies generally exhibit a common trait - continuous improvement in pursuit of the optimal operating, reporting, and compliance model. This is especially important for companies considering going public through an SEC filing. Once the decision for an initial public offering (IPO) has been made, companies should start preparing as soon as possible to have sufficient time to implement changes, test new approaches, and pivot their strategy as needed. To prepare for an IPO, the finance function must determine the team’s readiness to operate efficiently and effectively as a public company.
Kral Ussery is a national CPA firm providing services that external auditors cannot due to independence concerns, such as accounting advisory, valuations, and internal audits. Download our services flyer.
About Governance IssuesTM
Governance Issues™ is an electronic newsletter published by Kral Ussery LLC, a public accounting firm delivering SEC & accounting advisory services, litigation support, and internal audits. The newsletter focuses on our practice areas of SEC compliance, internal controls, IT general controls, data quality, IPO readiness, M&A transactions, US GAAP compliance, and internal auditing.
Content in this newsletter is for general information purposes only and should not be used as a substitute for professional consultation.
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