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Article: CFOs Seek To Transform Finance Function But Legacy IT, Staffing and Costs Are Major Roadblocks; Cap Gemini Ernst & Young Survey Profiles Thinking in Scandal-Plagued Business Climate.
- Article from:
- Business Wire
- Article date:
- August 12, 2002
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Business Editors
NEW YORK--(BUSINESS WIRE)--Aug. 12, 2002
In a major in-depth survey released today by Cap Gemini Ernst & Young, most CFOs of 265 large U.S.-based corporations indicate that, while accounting scandals and the recession are driving the transformation of finance departments, their departments may not be able to meet the challenge.
Inadequate processes, legacy information technology (IT), insufficient skills sets, and the need to build senior management support are the key issues that need to be addressed.
While 81 percent of CFOs agreed that accurate revenue and earnings forecasting is either a "high or the highest ...