Latest news
Meta is facing pressure on multiple fronts: a $16.7 billion settlement with California and 51 state attorneys general, organizational restructuring amid AI transformation, and the reality that its core advertising business has not yet adopted large language models at scale. Against this backdrop, Chief Accounting Officer Aaron Anderson introduced quantifiable results already achieved by the finance department—reducing close time from 7 days to 6 days with AI-driven variance analysis—and elaborated on how to prudently introduce agentic AI in a SOX-controlled environment, including collaboration frameworks with Google, Walmart, ServiceNow, and the Big Four accounting firms, as well as the critical constraints that data foundations place on AI applications.
After nearly four years as CFO of the Pittsburgh Penguins, Michael Dillon transitions to CFO and COO of the NBA's Minnesota Timberwolves and the WNBA's Minnesota Lynx. With a new ownership group in place and rising team performance and market momentum, he explains why it's time to seize the current window to increase investment, and shares his views on modernizing the finance team and establishing a single source of data.
KPMG announced its AI agent aIQ Capture received independent certification under the AIUC-1 standard, marking the first such certification for a Big Four firm. The tool, used for voice-based knowledge capture, passed over 900 technical tests. The move comes amid heightened concerns about AI autonomy risks, with experts urging CFOs to prioritize governance over quick returns.
Every major financing has two closing dates: the date financing documents are signed, and the date stakeholders (lenders, suppliers, customers, investors, directors, employees, etc.) judge whether management can successfully execute the transaction. The latter often arrives before the former. Between the determination of the financing plan and the completion of the transaction, the company continues to operate, disclosure deadlines approach, and stakeholders' decisions continuously affect the company's financial flexibility. Financing progress may align perfectly with the plan, but stakeholder confidence may not necessarily keep pace. This article uses a recent refinancing as an example to illustrate how a CFO manages the two key assets of 'cash' and 'confidence' before closing, ensuring execution progress outpaces the timeline.
On September 13, 2022, Kroll released the report "Cyber Risk and CFOs: Over-Confidence is Costly," revealing blind spots in CFOs' understanding of cybersecurity. The survey covered 180 senior financial executives worldwide and found that most CFOs are underprepared for cyber risks yet generally overconfident. The report notes that 71% of surveyed companies lost over $5 million due to cyber incidents in the past 18 months, and 61% experienced at least three major cyber incidents.
According to the report "How CFOs Navigate Change" released by Tesorio and Tipalti, 72% of CFOs experienced above-average turnover in the past two years, with outdated manual processes and technology being the top pain point for new employees (54%). Although CFOs have enhanced the resilience of finance functions through digital payments, improved reporting, and automated workflows, investments in AR and AP automation remain insufficient.
The American Institute of Certified Public Accountants (AICPA) announced a grant of nearly $120,000 from the Maryland Department of Labor to expand its Registered Apprenticeship for Finance Business Partners. The funds will cover instruction costs for at least 25 new apprentices, addressing the growing demand for skilled accounting and finance talent.
Fintastic, headquartered in Tel Aviv, Israel, announced on October 6, 2022, its emergence from stealth mode, completing a $12 million seed funding round led by Group 11, with participation from Benhamou Global Ventures and several angel investors. Founded in 2021 by Jonathan Einav (CEO), Eric Shellef (CTO), and Hamutal Anavi Russo (COO), the company launched the world's first AI-driven intelligent FP&A platform, aimed at addressing the inefficiencies and lack of intelligent insights in traditional financial planning and analysis software.
On October 14, 2022, the People Intelligence Alliance released research indicating that the 'People Impact Gap'—the disconnect between available people data and frontline decisions—costs U.S. businesses approximately $1.8 trillion annually. The estimate is based on research by Marler and Martin across more than 200 companies and extends to approximately 3,000 large organizations in North America.
FORVIS announced it will host the 2022 Financial Services Virtual Symposium on November 15-16, 2022. The event, eligible for CPE credits, focuses on hot topics in banking, including cybersecurity, regulatory compliance, digital assets, and ESG. Dr. Roger Tutterow, Professor of Economics at Kennesaw State University, will deliver a keynote on the economic outlook, and several FORVIS business leaders will also participate in sharing insights.