Automated Sarbanes-Oxley controls assessment now a reality
An automated Sarbanes-Oxley controls assessment service that quickly and easily evaluates how effectively companies are using controls capabilities within Oracle, PeopleSoft, and other leading ERP systems has been launched by Answerthink, a strategic business advisory and technology consulting firm. The service is designed to help companies lower the cost of financial controls related to Sarbanes-Oxley compliance, and provides detailed recommendations for how companies can further automate, strengthen, and standardize controls.
"Now that companies are crossing the finish line with their year one Sarbanes-Oxley compliance efforts, they're looking for ways to do things more efficiently in year two and beyond. Controls automation is one area where companies can clearly focus and benefit," says Answerthink Managing Director Grant Fitzwilliam. "Many companies' 2004 remediation efforts resulted in adding manual controls; combine this with the fact that most companies use a small percentage of their ERP functionality and you have a meaningful opportunity for improvement."
"We've created a comprehensive controls library, and mapped these to capabilities within the leading ERP systems," says Fitzwilliam. "The result is an assessment service that, in just a few weeks, identifies areas where companies are missing opportunities to automate financial controls using their existing ERP systems.