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HOW ACCURATE AND TIMELY IS THE REPORTEDINFORMATION? Th e best reports are generatedstraight from financial and transactionalsystems, which improve thereliability of reporting by reducing humanerror. However, the more an organizationrelies on financial and transactional systems,the more important it is for bothinternal auditing and management to beaware of system changes that could affectreport reliability, as well as be cognizantof changes to processes and how the systemis used.Although system changes can affectthe accuracy of data in reports, changingprocesses and how data is entered andused influences the meaning of reportdata and the metrics themselves. Processchanges should always trigger a reassessmentof reports for management, includingboard-level reporting. Although theoverall metrics related to the intendedresults may not change, the complementarymetrics, which are vital for assessingthe validity of metrics, could change. Ifan organization changes how it conductsbusiness in a way that changes its riskprofile, the company's key monitoringmetrics also may need to change.
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