On September 24, St. Petersburg hosted for the eighth time the traditional annual CFO Conference, which was organized by the Tax and Financial Reporting Committee of Russian-German Chamber of Commerce and its Northwest Branch.

Among the speakers of the event was Evgeniya Chernova, head of Controlling and Reporting at swilar Moscow, who reminded in her speech that the crisis is a reason for any company to think about its internal control system (ICS).

During the pandemic, all companies in one way or another faced the reasons for paying special attention to the ICS:

• communication difficulties in a remote work environment,

• high level of uncertainty in the market,

• increase of the level of process automation,

• bureaucratic obstacles, etc.

Properly organized internal control allows the prompt identification of risks and reduction of the possible damage from these factors, and often prevents them.

Evgeniya covered the legislative base related to setting up internal control, spoke about the step-by-step scheme of ICS, outsourcing and co-sourcing.

The participants and experts also discussed transfer pricing, document flow and IT accreditation, operating leasing, and digital solutions for finance management.

More than 150 people participated in the conference on- and offline, including financial and general managers, heads of commercial departments and legal departments, tax experts and financial analysts.

Photos: Financial Reporting Committee of Russian-German Chamber of Commerce.