Oversight 3.5 Expands Continuous
Monitoring to Capital Projects & Fixed Assets
Global Businesses Eliminate
Misstatement of Assets with Oversight 3.5
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 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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