Seminar discussed ways to manage the increasing control demands of the corporate Internal Audit function
Naperville, Ill. – October 29, 2004 – Unitech Systems, in conjunction with the Institute of Internal Auditors (IIA), presented a seminar on managing the increasing control demands of the corporate Internal Audit function. A group of IIA members from the Swedish banking sector attended this seminar on October 21, 2004, in Stockholm, Sweden.
"Today, most Internal Audit functions use technology-based auditing tools to help improve the efficiency of operational, financial and compliance audits," said Tom Glover, a Customer Unit Leader at Unitech Systems. "Despite such an approach, major challenges remain. How can an internal auditor identify, manage, and guarantee the quality of the financial information they are auditing? Are internal controls robust enough to ensure the accuracy and reliability of the financial information that your company has collected and processed? Can the organization quickly adapt to new regulatory requirements created by initiatives like Basel II or the Sarbanes-Oxley Act? In addition, we must address the need to adapt the internal controls environment to changes in systems and business processes with sufficient speed, often at the same time as achieving cost reduction targets."
Customer Presentations Address Basel II and Sarbanes-Oxley Issues
To help attendees address key issues like Basel II and Sarbanes-Oxley, the joint seminar included presentations from two of Unitech Systems' Financial Services customers. The customers discussed how Unitech Systems' support helped them increase the effectiveness of internal controls, improve the quality of financial data, and reduce costs. They also cited benefits such as replacing manual procedures with automated controls, introducing error detection controls, and implementing real-time controls within GL reconciliations, payment flows, and clearing systems. In addition, there were customer presentations on the use of Unitech Systems' solutions to improve payment controls between a third-party Automated Clearing House (ACH) and a bank.
About the Institute of Internal Auditors
Established in 1941, The Institute of Internal Auditors serves as the global voice and advocate for the internal audit profession. Throughout the world, The IIA is recognized as the profession's leader in certification, education, research, and technological guidance. For more information please visit www.theiia.org.
About Unitech Systems, Inc.
Founded in 1982, Unitech Systems, Inc. is the leading global provider of Information Integrity Software and Solutions. The company provides software that helps companies worldwide assure the accuracy of the financial, operational, and management information that they need to run their business. Unitech Systems serves hundreds of customers including 80 percent of the top ten financial services companies worldwide. Unitech Systems maintains its home office in Naperville, Ill., has more than ten regional offices across the U.S., and three worldwide affiliates. For more information, call +1.630.505.1800.
