Thursday, August 18, 2005
Oversight 3.5 Expands Continuous Monitoring to Capital Projects & Fixed Assets
ATLANTA – Aug. 15, 2005 – Oversight Systems Inc. today announced the launch of Oversight 3.5, which extends continuous monitoring to the accounting of capital projects and fixed assets. By inspecting all routine non-judgmental transactions Oversight identifies the errors that can cause overstatements of assets and of income and gives financial executives more time to evaluate discretionary items.
As a virtual auditor, the Oversight software identifies mismatches between capital project budgets and asset acquisitions, errors in depreciation calculations and recording, expenses that should be capitalized, capitalized items that should be treated as period expense and other non-compliant transactions. Correcting problems in real time prevents the violations that lead to financial misstatements.
"Oversight 3.5 builds on our strengths of automating an auditor’s manual tests and applying those tests across every transaction as they occur in business processes," Oversight Systems CEO Patrick Taylor said. "With continuous monitoring for capital projects and fixed assets, Oversight 3.5 drives the precision and quality of these financial processes."
Since 2003, Fortune 500 companies have relied on Oversight for real-time transaction inspection for their key business processes. The capital projects and fixed assets functionality in Oversight 3.5 identifies mistakes and violations, such as:
Segregation of duties violations within the recording, capitalization and transfer of assets
Manipulation and errors within asset depreciation
Invalid assets that do not meet requirements for capitalization and should be accounted for as expenses
Unauthorized disposal of assets
Capitalized assets that differ from the originating construction in progress register
Duplicate assets recorded in the financial system
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. Financial executives are assured that any exceptions have been identified in routine transaction execution. During the time between period close and regulatory filing executives can be confident that errors in routine transactions have been already been addressed as part of normal operations.
Oversight captures and logs all activities, transactions and alerts in its Secure Audit Journal, 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.
posted by Brian Moran @ 11:23 AM