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Continuous Monitoring and Audit Solutions
Find it. Fix it. Prove it.
Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance. For more information, visit www.oversightsystems.com.
Functional Solutions Overview
CFO’s, Controllers, Process Managers, and Accountants of all types find the Oversight Continuous Monitoring Solution very helpful in the conduct of their day-to-day roles of quality assurance, misuse prevention, and fraud control. Senior executives and managers have immediate insight into the health and well-being of their financial operations in the context of balanced scorecards, operational metrics, and control expectations. Operational staff members receive highly valuable, intuitive, alerts informing them of instances of errors, misuse, and fraud.
Continuous Transaction Monitoring / Continuous Auditing - Supports the efforts of the auditor to collect audit evidence consistently against all transactions on an ongoing, uninterrupted basis; performing real-time analysis in a heterogeneous systems environment completely unconstrained by underlying financial system type or data formats; providing reports to assist with the determination of operational risk and compliance, and the identification of potentially weak or ill-defined controls, as well as high risk transactions and business entities (e.g., vendors, accounts, employees, etc.). This proactive approach ensures the organization can addresses high risk areas before they impact financial performance or the year-end audit.
Continuous Controls Monitoring - Supports the efforts of both audit and operations staff to identify potential control weaknesses or high risk conditions associated with segregation of duties (SOD) and privileged-user activities through continuous, real-time analysis to identify users taking actions that conflict with the organization’s SOD and privileged-user policies.
Business Process Solutions Overview
Oversight monitors every transaction that flows through a targeted business process to determine where unexpected results might have occurred. Acting like an automated virtual auditor and fraud examiner, Oversight analyzes and correlates information from multiple data sources that might exist on multiple application platforms including SAP, Oracle, Peoplesoft, JD Edwards, Infinium, MFG Pro, or a custom system, to alert companies to exceptions that are worthy of further review. Because Oversight is analyzing a census of transactions, it uncovers errors, misuse, and abuse that would otherwise go undetected. All exceptions identified by Oversight are prioritized by risk based on the value of the related transactions.
Oversight offers customizable, predefined integrity-check modules to cover the following business process areas:
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Financial Accounting & Reporting – General Ledger |
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Procure-to-Pay – Accounts Payable |
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Order-to-Cash – Accounts Receivable |
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Purchase Cards and Travel & Expense Reporting |
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Capital Projects and Fixed Assets |
Technology Overview
Oversight's software combines an audit data warehouse, advanced analytics and workflow into a single, integrated application that continuously inspects each transaction for errors, control violations and fraud. As a result, Oversight is helping companies achieve higher levels of performance and compliance.
Oversight's Audit Data Warehouse can extract data from multiple financial systems including Oracle, SAP, PeopleSoft, JD Edwards, Lawson, MFG Pro, Infinium, Geac, Baan, Ross Systems, Siebel and custom applications. The analytics combine the tests and heuristics used by forensic accountants, auditors and fraud examiners to precisely identify fraud, misuse and errors in business transactions. The intelligent workflow system tracks exceptions and includes a user interface designed to make the resolution process efficient.
The integrated Oversight Dashboard provides a dynamic, graphical management-level view of compliance, and facilitates root cause analysis. Oversight’s customizable company- or entity-level views provide summary statistics and facilitate management review of controls effectiveness. At the same time, reports and graphs are linked to individual exception views, as well as to the underlying Audit Data Warehouse, providing click-through access to explore analysis detail.
The Case Management Workbench automatically records and preserves resolution activity and notes in a permanent journal. The permanent journal records all activity to “prove” exceptions were resolved, and documents your review and remediation of controls effectiveness. This objective evidence of due diligence can be used to prove compliance, and directly impacts the level of reliance placed by your auditor.
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