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."(1)
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.
(1) Source. John Hagerty, AMR Research, "SOX Decisions for 2005," January 2005
About Oversight Systems, Inc.
Oversight takes continuous monitoring to the next level by combining an audit data warehouse, advanced analytics and workflow into a single, integrated, application. By inspecting each step of individual transactions across systems, Oversight identifies errors, control violations and fraud to drive higher levels of performance and compliance. Oversight's platform automates the entire life cycle finding problems in business processes, fixing those problems and proving the problems were resolved. Oversight is the solution of choice for those CFO's, CIO's and CISO's serious about compliance and enhancing their financial performance. For more information, visit www.oversightsystems.com.
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