CPM software solutions provide functionality for Consolidation, Planning & Budgeting, Financial Performance Management, and external and internal reporting.  CF&W helps you define your strategy for CPM and transform that strategy into financial reporting processes, key performance indicators, reporting hierarchies, and financial management tools.  We can not only assess your CPM reporting needs but also advise you on process improvement opportunities in your financial reporting process.

Characteristics of a financial reporting process in need of improvement:

• The period close process is too long
• Identification of adjustments by the auditor
• Not enough time to analyze reports
• Financial statement reporting is not good for operations
• Too much reliance on Excel
• No single version of the truth
• Material weaknesses or significant deficiencies in financial reporting processes
• Too many systems and manipulations to get reports
• Accounting organization costs too high
• Financial statement time commitment  is spent as 80% on preparation and 20% on reviewing

Characteristics of a leading-edge financial reporting process:

• 80/20 rule is reversed: Financial statement time commitment  is spent as 20% on preparation and 80% on reviewing
• Single version of the truth
• Financial Statements are timely generated
• Format of reports is usable by operations
• Drilldown inquiry capability
• No surprises (particularly in the audit)
• Seamless solution
• Automation of Financial Statement reporting controls
• The organization gains a competitive advantage from its information

GRC software implementation

CF&W helps companies improve efficiency and effectiveness of internal controls through automating controls and managing the documentation of controls through GRC software.

CF&W, a Partner in the Oracle PartnerNetwork, assists companies with compliance and controls effectiveness through implementing Oracle applications and technologies including the Oracle GRC Product Suite. This effort is aligned with Oracle's overall Governance Risk and Compliance Initiative, which provides finance, IT, and audit stakeholders with the ability to monitor and control how information is being used to progress GRC maturity into a more proactive and optimized and less reactive management of compliance.

Learn More About Oracle GRC


CF&W also partners with DoubleCheck™ to implement any of their full suite of products.

CF&W and DoubleCheck™ entered into this strategic partnership to capitalize on the synergies between CF&W's expertise and thought leadership in the Sarbanes-Oxley and Internal Audit Consulting arena and DoubleCheck's S-O Comply platform and software development expertise.

DoubleCheck™ LLC, is a leading enterprise-level GRC&T solutions software company. The DoubleCheck product portfolio includes solutions for SOX Compliance, Corporate Governance and Risk Management, plus Automated IT-GRC and Financial Control Monitoring, Testing and Administration. DoubleCheck developed and currently markets:

     - S-O Comply™
     - The DoubleCheck™ SOX+AT Solution
     - The DoubleCheck™ GRC&T Enterprise Solution
     - The DoubleCheck™ IT-GRC&T Solution
     - The DoubleCheck™ / Novell® IT-GRC&T Solution

International Financial Reporting Standards (IFRS) transition

The Securities & Exchange Commission (SEC) has proposed adoption of IFRS to replace US GAAP in 2014, with potentially three years of comparative financial statements.  While the date is still far off, the extent of potential changes in accounting, processes, and systems necessitate an assessment of how ready your company is and what it will take to be ready in time if the proposed timeline is agreed.

CF&W can perform a reconciliation of your current US GAAP or other local statutory books to IFRS and perform a readiness assessment on your ability to transition.

CF&W can also lead you through the transition to adopt International Financial Reporting Standards including not only accounting policies and reporting changes, but process and system changes.

Foreign Corrupt Practices Act (FCPA) Programs

CF&W provides consulting on the design and implementation of FCPA programs.  We can also audit your existing program against the Acts’ requirements to maintain a system of controls.

TaxStream implementation

TaxStream software helps a Tax Department save time and improve accuracy with standardized calculations, reports, and a consistent data stream from the general ledger and tax return systems. CF&W implements TaxStream for clients to help you setup an accurate and efficient tax provision process and system enabling FAS 109 reporting.