Prodiance Corporation, today announced the availability of two new solutions for improving Sarbanes-Oxley compliance. These two solutions, Prodiance Financial Spreadsheet Remediation and Prodiance Electronic Evidence Binder, deliver the unique technologies necessary to help organizations fulfill the latest Sarbanes-Oxley compliance requirements for managing changes to financial data contained in spreadsheets and electronic evidence for audit purposes.
Leveraging 15 years of experience in delivering compliance solutions for the life sciences industry (under the Scientific Software brand), Prodiance provides the integrated features and functionality necessary to make compliance with Sarbanes-Oxley a seamless and integrated part of the corporate culture.
Financial Spreadsheet Remediation for SOX
The Prodiance Financial Spreadsheet Remediation solution helps organizations minimize the risk of errors and fraud in the financial reporting process by auditing, tracking and managing changes to financial spreadsheets throughout their lifecycle. Many organizations use spreadsheets to support key financial calculations such as earnings per share (EPS), reconciliation of purchase orders versus invoices, and departmental roll-ups to support general ledger and disclosure processes. According to the Hackett Group, a leading industry analyst firm "â¦nearly half (47 percent) of average companies still use stand-alone spreadsheets in some aspect of their financial reporting process. Interfaces between these systems, which often require human intervention, are often the points at which errors and fraud are likeliest to occur."
The solution incorporates powerful controls that satisfy the latest recommendations on Section 404 compliance from leading tax and auditing firms, including: file/system/cell-by-cell audit trails, electronic and legally-binding digital signatures, versioning, tools for visual differencing and building custom reports, access control, document security, data integrity checking, âactiveâ archival, a secure content repository, business process automation, and support for links to external data sources (e.g. OLAP cubes and databases) and other spreadsheets. These controls ensure that compliance is an inherent part of key finance and accounting processes while boosting productivity for users by streamlining document workflows.
Electronic Evidence Binder for SOX
In the midst of Sarbanes-Oxley compliance, Year 2, public organizations are busy collecting and managing evidence â new process diagrams (or narratives), procedures, policies, project plans, financial reports, electronic forms, expense reports, purchase orders, emails, signoff sheets, meeting minutes, and a slew of other documentation - to demonstrate compliance with newly-defined corporate controls. Effectively organizing, indexing and managing this evidence to make it searchable and quickly retrievable for audit purposes is critical to satisfying Sarbanes-Oxley record-keeping mandates. Many organizations have been turning to traditional, paper-based binder systems to organize this evidence. However, these new paper-based evidence binders have introduced a host of problems, including traceability, authenticity of evidence documents, security, physical and geographic barriers to information sharing, and storage and space requirements. As such, paper-based evidence binders require constant administration and quickly fall short in their ability to track and keep up with everyday compliance-related activities, month after month, and year after year.
The Prodiance Electronic Evidence Binder solution incorporates a secure content repository for managing all Sarbanes-Oxley evidence documents, an enterprise workflow engine for automating review and approval cycles, an enterprise search engine for powerful indexing and retrieval of information across multiple content sources (websites, desktops, shared drives and the ECM repository), file and system level audit trails, file integrity checking, and electronic signatures.
"Todayâs organizations donât have the time, budget or resources to take on projects to integrate point solutions for records management, content management, business process management and search and then customize and optimize them to meet specific compliance mandates or business process requirements," said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. "With Prodiance, weâre changing this paradigm by providing integrated business solutions where all of the components work together out of the box, allowing organizations to get up and running in just days versus weeks or months."