CFO�s have been hauled before courts to face criminal charges for falsifying financial statement.
Jeremy Hope, a financial expert who addressed CIMA members in Colombo said CFO�s are seen as the last line of defense.
Shamindra Kulamannage: What are the challenges in using forecasting for information?
Jeremy Hope: I think I have learnt over the years accountants grow up with the particular view that the more data you have in a forecast the more accurate the forecast would be.
I have realized it is not just true.
The more details you have lead to more inaccuracies.
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It leads to more distortion. That�s partly why more companies are now moving towards what�s known as the driver based forecasting.
What they are learning is that a small number of drivers-five, six or eight - typically sales, orders and capital expenditures- If you focus most of the time getting those �right� the better the outcome will be.
Looking at a few key drivers, it also