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News < Back Compliance : Sarbanes Oxley : Auditing : Continuous Auditing Collaborative Reasoning Engine Drive Continuous Auditing
Oversight Systems has announced general availability of the 4.5 release of the company’s continuous auditing software. Significant features of the new release include support for Windows Server 2003 and enhancements to the Oversight Workbench. “This release has significance in the continuous auditing market beyond the impact of functional enhancements to a single vendor’s software,” said Oversight CEO Patrick Taylor. “Oversight’s Workbench uniquely delivers on the vision of continuous auditing, providing the tools and technology that companies need to fix the problems identified by transaction analytics. Other products stop at the analytics stage, surfacing errors, but offering no practical way to remedy them.” Oversight’s Workbench supports the efficient evaluation and remediation of exceptions detected by the Collaborative Reasoning Engine (CoRE). The Workbench displays plain language descriptions of these potential problems, allowing users to drill down into the underlying transactional data to uncover and resolve every issue, from duplicate vendor information and invoices to likely fraud or misuse of funds. The Workbench also includes automated workflow features that facilitate assignment of exceptions to the appropriate resources for efficient investigation and resolution; a Risk Profiler for creating and refining re-usable ad hoc queries that focus investigation and facilitate sophisticated data review; and a permanent Investigative Log that automatically records all related activities, remediation and notes in a permanent journal. With the 4.5 release, Workbench users can take advantage of a number of exception-handling enhancements, including:
Other enhancements in the 4.5 release include:
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. |
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