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Monday, March 07, 2005
Oversight 3.0 Expands Continuous Monitoring to Order-to-Cash and Financial Accounting & Reporting
Fortune 1000 reduce their compliance costs and drive tangible business benefits
ATLANTA – March 7, 2005 – Oversight Systems Inc. today announced the launch of Oversight 3.0, which extends its transaction integrity monitoring solutions for the order-to-cash and financial accounting & reporting business processes. As a virtual auditor, Oversight continuously monitors 100 percent of the transactions and business activities in financial systems in real time to evaluate the compliance of every transaction and prevent losses associated with errors, misuse and fraud.
"Most executives aim to minimize their ongoing SOX compliance costs, but progressive companies recognize the potential to improve their businesses in the process," Oversight Systems CEO Patrick Taylor said. "Oversight automates the analysis and testing steps in an audit, which reduces Sarbanes Oxley monitoring and testing expenses. Oversight's real-time analysis prevents costly errors within procure-to-pay, order-to-cash, and financial accounting & reporting processes."
For more than a year, Fortune 500 companies have relied on Oversight for real-time validation of their procure-to-pay transactions. The order-to-cash and financial accounting & reporting capabilities in Oversight 3.0 identify suspicious transactions and control exceptions, such as:
Unauthorized discounts and credits
Duplicate shipments
Unauthorized write-offs for receivables
Shipments without invoices
Segregation of duties violations
Duplicate journal entries
Invalid journal entries to an account
Misclassified general ledger adjustments
"Increase investment in technologies that automate testing your internal controls," said John Hagerty, vice president of research at AMR Research. "Key technologies can reduce the cost of SOX compliance upwards of 25 percent, as compliance has been a mostly manual, people-intensive process. Most companies cannot (and should not) maintain this level of manpower, though the need for compliance will not shrink. Without new technology, companies will continue to overspend on internal employees and external consultants; manual processes also lead to higher external audit costs."
In automating the testing and analysis of auditors and fraud examiners, Oversight continuously monitors the business processes and all underlying transactions that drive financial reporting. The Oversight Controls Library links an organization's key risks and controls with specific audit tests. These tests, or Integrity Checks, encapsulate the best practices of auditors and fraud examiners, which are applied to every transaction.
Oversight captures and logs all activities, transactions and alerts in its Secure Audit Lockbox, which maintains a record of each step of every transaction. Oversight delivers more than 100 packaged reports for compliance and day-to-day operational requirements. Users can also create their own customized reports using either the Oversight interface or third-party reporting tools.
About Oversight Systems, Inc.
Oversight Systems is the leading provider of independent, automated transaction integrity monitoring solutions. By combining the expertise and experience from security, fraud, audit and enterprise software development professionals, Oversight Systems is redefining how enterprises satisfy Sarbanes-Oxley compliance requirements and enabling corporations to gain substantial returns from their compliance investments. For more information about Oversight visit www.oversightsystems.com.
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