Top 5 things for you to watch in 2023 for your business

As 2023 is already here, it's a great time to start looking at what you need to be aware of in order to ensure your business remains successful.

Here are five key things that your business should be mindful of in 2023:

1) Tax Reforms: Tax laws are constantly changing and it’s important for businesses and their auditors alike to keep up with these changes. In particular, tax reform legislation passed by Congress or state governments could have major implications on how businesses operate going forward into 2023 – so make sure you know exactly what’s happening with taxes before making any decisions about your business’ finances!

2) Cybersecurity Risks: As technology continues advancing rapidly, cyber threats become more advanced, meaning they can pose more significant risks than ever before when it comes down to protecting sensitive data like customer information or financial records from malicious actors online. It will be essential that audit teams remain vigilant when monitoring cybersecurity risk levels throughout the year in order to maintain good security practices within their companies' networks.

3) Regulatory Changes: There may also be new regulations imposed by government agencies such as the SEC or IRS which could affect how audits must take place going forward. Thus, it's crucial that all audit teams pay close attention to any updates related to this topic during the current fiscal year and the upcoming ones.

4) Financial Reporting Standards Updates: The International Accounting Standards Board (IASB), releases periodic updates on accounting standards that require organizations across industries worldwide to comply with them - including those related specifically to public sector entities such as local governments who use Generally Accepted Accounting Principles (GAAP). Controllership and Internal Audit teams, also Auditing firms should make sure they understand these changes thoroughly so there will be no surprises come time for the disclosure of annual reports' due dates each year!

5 ) New Technologies & Automation: As technologies continue evolving at rapid speeds, automated processes are becoming increasingly common within finance departments. This means more reliance upon software tools like artificial intelligence algorithms used to detect potential fraud cases quickly rather than manual labor-intensive methods involving human intervention only. Therefore, controllership and internal auditors must familiarize themselves with not just current industry trends but also newer technologies being implemented in various workplaces worldwide if they want to stay competitive in the market!