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Oversight Debuts New Financial Transaction Monitoring


Oversight 3.0 expands transaction monitoring to order-to-cash and financial reporting processes in real time for compliance and prevention of losses to error, misuse and fraud.

By Compliance Pipeline Staff
Compliance Pipeline
March 7, 2005 02:37 PM

Oversight Systems Inc., Atlanta, today unveiled Oversight 3.0, which extends its transaction monitoring capabilities to order-to-cash and financial accounting & reporting processes.

Oversight continuously monitors transactions and business activities in financial systems in real time to evaluate the compliance of every transaction and prevent losses associated with errors, misuse and fraud.

"Most executives aim to minimize their ongoing SOX compliance costs, but progressive companies recognize the potential to improve their businesses in the process," said Oversight CEO Patrick Taylor, in a prepared statement. "Oversight automates the analysis and testing steps in an audit, which reduces Sarbanes-Oxley monitoring and testing expenses. Oversight's real-time analysis prevents costly errors within procure-to-pay, order-to-cash, and financial accounting & reporting processes."

The order-to-cash and financial accounting & reporting capabilities in Oversight 3.0 identify suspicious transactions and control exceptions, such as unauthorized discounts and credits, duplicate shipments, unauthorized write-offs for receivables, shipments without invoices, segregation of duties violations, duplicate or invalid journal entries, and misclassified general ledger adjustments.

Oversight monitors the business processes and all underlying transactions that drive financial reporting. The Oversight Controls Library links an organization's key risks and controls with specific audit tests. These tests encapsulate the best practices of auditors and fraud examiners, which are applied to every transaction.

The software captures and logs all activities, transactions and alerts in its Secure Audit Lockbox, which maintains a record of each step of every transaction. Oversight includes more than 100 packaged reports for compliance and day-to-day operational requirements. Users can also create their own customized reports.



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