Complying with the Sarbanes-Oxley (SOX) Act requires the ability to assure that your financial information can be trusted. From the beginning, ensuring SOX compliance was a long and complex process. You've likely spent vast resources on risk identification and process documentation. You may have volumes of large binders of newly documented internal controls. While the costs of audits continue to climb, you need to seize the opportunities offered by Accounting Standard 5 (AS5) and controls automation technology to curtail rising audit costs while also reducing operating costs and risks. And, you need to be better positioned to quickly address future changing requirements.
Infogix has spent the past 25 years building and implementing automated information controls that ensure the accuracy, consistency, and reliability of critical business processes and information. These solutions consist of independent, continuous, and automated information controls — we call them Infogix Controls. Infogix Controls ensure that your operational and financial processes are trustworthy and operate within your defined business rules. Infogix Controls can be applied in a wide variety of business applications and processes including your general ledger and sub-ledgers, payments systems, data warehouses, statement generation, origination, billing, payroll, transaction processing, and claims processing systems. You can standardize Infogix Controls throughout your financial applications and beyond — to the rest of your operation. Infogix Controls can track information within an application, between applications and systems, and end-to-end from quotation to billing to financial reporting.
Solutions built with Infogix Controls help you efficiently deploy automated controls needed to comply with the Sarbanes-Oxley Act. You can monitor operating results, monitor other controls, financial reporting processes, and transactions that are handled across the business and pass through several or many applications. You will drive down the costs of auditing, while enhancing the effectiveness of your controls. As Infogix Controls execute they generate a verifiable audit trail that streamlines diagnosis and remediation of negative control results as well as simplifying auditor efforts to baseline, walkthrough, and test your controls. Even better, these Infogix Controls tirelessly work to validate all of your information in real-time. That's quick enough to stop the flow of bad data as soon as it's discovered. This sharply contrasts with manual controls which are often performed too late to catch bad information before it propagates downstream into additional systems, customer mailings, and financial reports. Manual controls frequently only test a small sample set of transactions, while automated controls can test all of your transactions as they happen. Infogix Controls also enable you to monitor and track all of your control results along with the documentation associated with your controls.
You need Infogix Controls so that you can automate and organize your end-to-end and top-down controls. Like many others, you will find Infogix Controls help you reduce risks of material misstatement. You can easily document the controls you already have in place while streamlining the documentation of added controls. Additional benefits include:
- Dramatically increase the number of control points in complex, information intensive processes such as the billing, payment, and cash processes that drive your accounts receivable balances — and the purchase order, receipt, and payment processes that drive your accounts payable balances. Added control points reduce both the risk of information mishaps that adversely impact your operations and they also reduce the chances of audit exceptions.
- Implement the external control structures, automated controls, and advanced control activities that you need to comply with COSO and COBIT.
- Validate 100 percent of your transactions and accounts using your business rules rather than sampling the overall population of data.
- Easily document the controls in place to streamline the maintenance of process documentation — and the audit of controls.
- Quickly implement top-down driven automated controls that enforce the entity-level controls that you decide are necessary to mitigate operational risks and risks associated with potential material misstatements in your financial reporting processes.
- Increase the number of preventative controls deployed.
- Further streamline auditing efforts with an online, easy-to-use controls evidence database.
- Implement Continuous Controls Monitoring (CCM) in order to easily monitor the deployment, configuration, and execution of all of your controls across your enterprise.
Automating SOX controls is the best answer to meeting the demands of today's compliance requirements. Automation can apply at many levels. But you can gain the greatest value by automating both the internal controls themselves and the process of auditing and testing those controls.
A Proven Portfolio of Automated Controls
Infogix provides a non-intrusive portfolio of automated control solutions that assure the accuracy of your key financial processes and information. Leveraging Infogix Controls enables you to not only deploy more complete, accurate, and error free controls, it also allows you to use a shared platform to speed up audits. Best of all, we deliver these benefits year after year, streamlining future audits.
We provide unequaled coverage through a broad range of information testing controls. Our portfolio includes balancing, logic, and reasonableness tests that can cross all of your financial application, processes, and computing platforms. We also provide a centralized view of your automated controls universe. This allows all interested parties – from auditors and compliance officers to department heads – to see how you deploy, operate, and maintain your automated controls.
Implementing this type of solution gives you more comprehensive and effective control solution — at a much lower cost.
Take Control of Your Compliance Requirements
Automate your SOX controls! Infogix has the expertise that you need to deploy independent, continuous, and automated information controls in areas of strategic importance to help you reduce risk and increase operational efficiency. From this you gain a cost-effective and sustainable corporate governance approach for your enterprise.
If you're looking for a proven solution, contact us today — and take control of your compliance requirements.
