Approva Announces Two New Insights Which Reduce the Cost and Improve the Integrity of Ongoing Sarbanes-Oxley Compliance.VIENNA Vienna, city and province, Austria Vienna (vēĕn`ə), Ger. Wien, city and province (1991 pop. 1,539,848), 160 sq mi (414 sq km), capital and largest city of Austria and administrative seat of Lower Austria, NE Austria, on , Va. -- Financial Close Insight Improves the Quality, Integrity and Timeliness of Financial Statements, While User Activity Insight Correlates Critical User Access and Segregation segregation: see apartheid; integration. of Duty Related Issues Approva(R) Corporation, the leader in enterprise controls management software, today announced two new product offerings, the BizRights(R) Financial Close Insight and the BizRights User Activity Insight. The BizRights Financial Close Insight monitors for suspicious, unusual or inaccurate transactions during the financial close process. This proactive and innovative software product addresses one of the most trouble-prone and high risk compliance areas - financial close. It saves hundreds of hours that might otherwise be required for Sarbanes-Oxley compliance, while improving the quality and timeliness of financial statements. The User Activity Insight addresses another critical area - user access. By continuously monitoring users and the transactions they have performed within SAP the User Activity Insight closes a common compliance gap at many large organizations. It automatically alerts the appropriate business process owner The process owner is the person who co-ordinates the various functions and work activities at all levels of a process. This person might have the authority or ability to make changes in the process as required, and manages the entire process cycle to ensure performance any time a sensitive transaction or combination of transactions is run. In addition, by capturing this information over time it also provides a documented history for an extended review period. This can simplify your audit process by highlighting key user access exceptions, even months after they have occurred. These two new Insights complement an existing family of products from Approva, including the Authorizations Insight, the Procure-to-Pay Insight and the Order-to-Cash Insight. Like all Approva Insights, the User Activity Insight and the Financial Close Insight use concise, clearly described rules and reports to monitor automatically and continuously for business exceptions, alerting appropriate personnel whenever an exception to business rules arises. The software is business friendly and flexible, enabling auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together , controllers and business process owners to play a lead role in monitoring for compliance, efficiency and fraud related issues. Each Insight detects exceptions to business rules quickly, instead of months after the fact, as an external audit or spot check might. "Companies are spending enormous amounts of time and money on compliance, with a sharp focus on internal control over financial reporting. Managers need to target these investments not only to gain the requisite internal control effectiveness, but also to ensure sustainability and efficiency," said Rick Steinberg Noun 1. Steinberg - United States cartoonist (born in Romania) noted for his caricatures of famous people (1914-1999) Saul Steinberg , founder and principal of Steinberg Governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. Advisors and author of the COSO COSO Committee of Sponsoring Organizations of the Treadway Commission COSO Church of Spiral Oak COSO Corporate South COSO Class of Service Override COSO Combat Oriented Supply Operations (USAF) framework. "Well constructed and implemented monitoring and auditing software does just that - enabling companies with vision to drive significant reductions in financial reporting risk, while enhancing ongoing reliability and driving down cost." The knowledge base for the BizRights product family was defined by leading audit and compliance experts in financial reporting. With pre-configured, yet highly flexible rules and reports, organizations can get started quickly without custom programming work. Should an auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. or business person need to change an existing rule or report, or add a rule of their own, BizRights enables this change in minutes. The BizRights Financial Close Insight helps organizations improve internal control and the accuracy of financial reporting by continuously monitoring for inappropriate system settings, master records, and transactions. The BizRights Financial Close Insight quickly identifies: --Suspicious or unusual changes in account balances --Unauthorized manual journal entries --Back-dated accounting documents --Changes in asset classification --Unusual period end activity "Compliance issues and financial reporting risks impose a significant, resource-intensive cost on all global organizations today," said Prashanth <noinclude> Prashanth Thyagarajan (born April 6, 1973 in Chennai, India) is a popular Indian actor. Early life Born in Chennai, India, to Thiyagarajan Pallan, an actor and director, and his wife Shanti. (PV) Boccasam, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Approva. "Approva's industry leading platform monitors for critical exceptions automatically, saving time and money, while dramatically improving the accuracy of the Procure-to-Pay, Order-to-Cash and Financial Close processes." Approva plans to deliver additional Process Insights later in 2005. As Approva introduces new Process Insights, customers will be able to address compliance and efficiency needs within their most critical business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets using a single platform, architecture and user interface. About Approva Corporation Approva Corporation enables large organizations to transform compliance efforts into competitive advantage. By offering unique, continuous and actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. insight into business processes, Approva software provides sustainable compliance and delivers improved control, increased profit and enhanced shareholder confidence. The patent-pending Approva BizRights(R) platform is the first product to allow all corporate compliance stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. - including business managers, auditors, and information technology specialists - to collaboratively manage controls and optimize optimize - optimisation related processes. BizRights provides continuous, independent visibility into ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. activity, producing business-friendly reports that both business and IT managers can act upon. The software correlates user, transaction and system setting data against pre-defined and configurable rules to proactively pinpoint control violations and business exceptions. Valuable risk analysis ranks the impact of potential violations for improved prioritization. With BizRights, companies can resolve issues faster, prevent new control conflicts and create complete audit trails for change management. Global brands such as Colgate-Palmolive, Wrigley, Pratt & Whitney and others are reducing the cost of compliance, minimizing business risk and increasing operational efficiency with Approva solutions. For more information visit us at www.approva.net. |
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