Enhanced reporting leads to greater audit control and integrity.
Case Study: Automated Financial Compliance Reporting
A large organization was experiencing problems with its financial document version control, and in turn experienced adverse impacts on the integrity of financial audits. The new reporting system would have to meet the stringent requirements of external auditors and be compliant with the Sarbanes-Oxley Act (SOX) regulation.
After discussions with management and financial system stakeholders, Salient CRGT developed detailed requirements to address the organization’s needs. We designed an application system that supported the functional requirements of internal users as well as external auditors. This application system continually monitors changes made to documentation, tracks version control, and automatically assesses the impact of the change.
To enable precise change management and version monitoring, Salient CRGT used Oracle’s Governance Risk and Compliance Intelligence module (GRCI). We adopted a baseline approach to capture and assess document-related information including metadata. At the beginning of each quarter, a snapshot of the latest version of all financial documentation is taken. These data are compared weekly between the current version of the document and the baseline version. Reports highlighting the changes are then generated and published for end users and auditors.
The newly available reports enabled users to easily and automatically compare revisions of SOX Business Processes, Controls, Risks, and Assertions. Salient CRGT’s enhancement to Oracle’s commercial-off-the-shelf (COTS) product easily provides useful information for users and auditors. The result is a significant time and cost savings during the audit process with less disruption to daily operations.