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Peach Seedz   June 2, 2008   Oversight In Red Herring Top 100
Red Herring added recent ATDC graduate Oversight Systems to their annual Top 100. As many of us know, this list is regarded by technology industry executives, investors, and observers as an invaluable instrument to discover promising companies.

 
IT Policy Compliance.com   June 2, 2008   Continuous Auditing: Tips from the Front Line
If "continuous auditing" were a marketing term it would be one of the worst on record. For managers inured to enduring financial audits for a couple weeks after the end of the fiscal year, it implies a never-ending ordeal.
 
TechJournal South   May 15, 2008   Georgia Tech's ATDC Graduates Six Member Companies
ATDC is a nationally recognized science and technology incubator. ATDC membership is highly competitive. Each year, more than 130 emerging firms apply for ATDC membership.
 
Knowledge Leader   May 12, 2008   The Virtual Auditor and the Human Element
To properly fight fraud it is not enough to use leading technology solutions without hiring knowledgeable auditors. According to Patrick Taylor, CEO of Oversight Systems, it is necessary to use both. (You have to have a login to view the full article.)
 
TechJournal South   May 12, 2008   Oversight Systems virtually audits daily transactions
Four years ago, Patrick Taylor and his colleagues formed Oversight Systems with the idea of looking at business transactions to stop fraud and catch errors… Oversight graduates from the Atlanta Technology Development Center May 15.

 
Treasury & Risk   Apr. 29, 2008   Mitigating Fraud through Audit Standard 5
For more than five years, companies have struggled to meet SOX requirements – an almost Herculean effort. With the introduction of Audit Standard 5 (AS 5), management and auditors now have practical guidance on how to meet SOX compliance.
 
Treasury & Risk   Feb. 5, 2008   T&R Newsletter – If only Société Générale had the new Oversight fraud monitor …
Oversight Systems Inc. is upgrading its continuous monitoring and auditing technology to make it even easier to spot innocent errors and premeditated fraud.
 
Accounting Today   Jan. 28, 2008   Vendor Profile: Oversight Systems: The automated overseer Imagine having the capability to run the same types of tests that auditors use during their routine check-ups and apply it to every transaction a company makes on a daily basis.
 
Financial Week   Dec. 17, 2007   Auditors told to go harder on fraud
Regulator insists financial statements be vetted with a more skeptical eye. One impact: Higher audit costs.
 
Information Week   Nov. 3, 2007   Startup of the Week: Oversight Systems
Financial irregularities, from simple errors to outright fraud, have a direct cost to the business. Oversight Systems' software sifts through business transactions to spot common mistakes as well as anomalies that may indicate nefarious activity.

 
WebCPA   Oct. 10, 2007   Online Fraud Monitoring System Introduced
Oversight On-Demand, a Web-based version of the company's Oversight Continuous Monitoring system, provides for periodic "health checks" of an organization's financial accounting and reporting processes.
 
St. Petersburg Times   Sept. 9, 2007   Seduced by prestige, bankers can fall hard
Despite such modest backgrounds, both men ascended in the banking world to prominent positions at two of the city's most respected financial institutions.
 
 
Financial Week   Aug. 27, 2007   SarbOx or not, execs can still cook the books
The Sarbanes-Oxley Act's Section 404 audit of internal controls was supposed to tighten up corporate financial reporting. The new compliance routine, however, apparently won’t stop corporate executives intent on messing with the financials.
 
 
Ethics World   Aug. 23, 2007   Auditors Assess Companies’ Ethical Culture
Changing a company's culture is one of the most difficult tasks, but it is also a necessary component of reducing financial misconduct. The survey found that 56 percent of respondents said they have personally observed financial misconduct within the past year.
 
 
Chief Executive   Aug. 21, 2007   Getting to the Root of Fraud and Corruption
Amidst the buzz over the fifth anniversary of the Sarbanes-Oxley Act (SOX) and its mixed success as perceived by regulators, business and the media, is the stark reality of an 82 year old man, with severe health problems, and his 51 year old son beginning their prison sentences for what is being seen as the largest corporate fraud and conspiracy in U.S. history.
 
 
Accounting Web   Aug. 14, 2007   Institutional fraud is on the rise
 
 

CPA SUCCESS

   June 28, 2007   Is Fraud on the Rise Again?
I don't know a single CPA who is resting on his or her ethical laurels these days, but just in case, the folks at Oversight Systems have opened our eyes with a shocking new study.
 
 
Var Business   June 25, 2007   SOX Appeal
Two separate oversight bodies responsible for financial reporting and auditing rules under the Sarbanes-Oxley Act (SOX)--the Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board--took steps in late May to streamline and clarify the act's requirements.
 
 
Jobs In the Money   June 20, 2007   Was All That Effort For Naught?
Oversight’s Dual-Duty Platform Transforms Segregation of Duties Compliance Costs into Process Improvement Profits
 
 
Compliance Reporter   June 18, 2007   Fraud More Common Now Than Pre-SOX, Examiners Say
Ownership of risk is still clearly a C-Suite job. Eighty-six percent identified a senior executive with explicit responsibility for overseeing the management of all risk across the enterprise. The CFO was named by 44 percent, the CEO by 20 percent and 8 percent said the Chief Risk Officer.
 
 
Connect IT   June 18, 2007   Corporate Fraud Still Widespread Despite SOX Act
The events of Enron and WorldCom have done little to curb corporate fraud and unfortunately is still prevalent today even five years after the implementation of the Sarbanes-Oxley (SOX) Act, according to the results of Oversight Systems' annual report on corporate fraud.
 
 
Wall Street & Technology   June 15, 2007   New Survey Says Corporate Financial Misconduct Is Still Prevalent
Over 50% of certified fraud examiners say they have personally observed financial misconduct in the past year, according to a new survey on corporate fraud. Around three-quarters of participants also said they felt institutional fraud was more prevalent today than in 2002, when the Sarbanes-Oxley (SOX) Act was passed in response to accounting scandals at companies such as Enron and WorldCom.
 
 

TICK MARKS

   June 14, 2007   Certified Fraud Examiners: SOX Needs Darning
A survey of certified fraud examiners by Oversight Systems found that 76% of those surveyed believed that fraud was more prevalent than five years ago, the Sarbanes-Oxley Act nonwithstanding. Additionally, only three percent found that fraud was less prevalent and 43% believed that corporate viligance toward fraud prevention was starting to fade.
 
 
SOX First   June 13, 2007   Fraud and SOX Failure
Nearly five years ago, Congress rushed through the Sarbanes-Oxley legislation. The aim was to clamp down on fraud and restore investor confidence. Now new figures show how badly it failed.
 
 
AMR Research   June 12, 2007   Survey: Fraud Is Up, Despite SOX
The Sarbanes-Oxley Act hasn't helped in the long-running battle against corporate fraud, according to a recent survey of certified fraud examiners -- a staggering 76 percent of whom reported that fraud is more prevalent today than five years ago.
 
 

ACCOUNTANTS ROUND UP

   June 12, 2007   "Survey: Fraud Is Up, Despite SOX"
 
 
Computer World   June 11, 2007   Fraud Examiners Report More Corporate Deception
Despite the Sarbanes-Oxley Act and a heightened push for institutional integrity and fraud prevention, 76 percent of certified fraud examiners feel corporate deception has increased since 2002, and 56 percent of respondents said they have personally observed financial misconduct in the past year.
 
 
SC Magazine   May 24, 2007   SEC relaxes portions of SOX Section 404
The U.S. Securities and Exchange Commission (SEC) has passed new interpretive guidelines that relax portions of Section 404 of The Sarbanes-Oxley Act of 2002. The new rules, which apply to businesses with a market value of less than $75 million, focus on areas more prone to fraud while lowering the costs of SOX compliance for many businesses.
 
 
eWeek   May 25, 2007   SarbOx Revisions May Lessen Some IT Headaches
The Public Company Accounting Oversight Board voted May 24 to approve Auditing Standard No. 5, complementing new guidelines given the thumbs up by the U.S. Securities and Exchange Commission that are aimed at making it easier and less expensive for public companies to comply with the auditing requirements of the Sarbanes-Oxley Act of 2002.
 
 
Var Business   May 25, 2007   SOX Changes To Increase IT Flexibility
In a move that could have a significant, if unpredictable, impact on compliance-driven IT spending, two separate oversight bodies responsible for financial reporting and auditing rules under the Sarbanes-Oxley Act (SOX) took steps this week to streamline the act's requirements.
 
 
InfoWorld   May 22, 2007   Major revision planned for Sarbanes-Oxley
On May 24, the Public Company Accounting Oversight Board (PCAOB) will vote on Auditing Standard No. 5. If approved, this new standard for audits of internal control will bring about significant changes to Sarbanes-Oxley regulations, which now operate under Auditing Standard No. 2.
 
 
Dark Reading   May 21, 2007   New Rules May Ease SOX Audits
New guidelines for auditors of Sarbanes-Oxley compliance could take effect later this week, lowering the cost of SOX initiatives and reducing companies' dependence on auditors to interpret SOX requirements.
 
 
Knowledge Leader   Feb. 12, 2007   Controls, Compliance and the Roles of Continuous Monitoring
The lack of automated controls has contributed to the high cost of compliance. Companies are struggling to find an efficient, cost-effective method of attaining this goal. Continuous monitoring can play a major role in developing a sustainable, long-term compliance plan to minimizing cost, strengthening the control environment, ensuring financial reporting accuracy and adding value to the organization.
 
 

 
 

 
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