IDW PS 340 is a standard issued by the Institute of Public auditors (Institut der Wirtschaftsprüfer) in Germany. It requests the implementation of effective early warning systems for risks that are threatening the existence of the company.
The present benchmark study, “PS 340: Implementation of Effective Early Warning Systems,” is based on an empirical survey conducted by the competence portal RiskNET in June/July 2021 in cooperation with Corporater. The survey was complemented by narrative interviews with selected experts. A total of 164 companies from various industries and size categories participated in the empirical online survey. A total of 160 complete data sets were considered in the analysis. The following document summarizes the key findings of the analysis and provides companies with guidance for self-assessment, serving as a benchmark for determining their own position.
