Oversight Systems Inc.

• Position: AUDITING/COMPLIANCE - Oversight 3.0 launches

Oversight Systems Inc. has launched Oversight 3.0, which extends its transaction integrity monitoring solutions for the order-to-cash and financial accounting and reporting business processes. As a "virtual auditor," Oversight claims to continuously monitor 100 percent of the 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," says Oversight Systems CEO Patrick Taylor. "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."

For more than a year, Fortune 500 companies have relied on Oversight for real-time validation of their procure-to-pay transactions. The order-to-cash and financial accounting and 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 journal entries

* Invalid journal entries to an account

In automating the testing and analysis of auditors and fraud examiners, Atlanta-based Oversight continuously monitors the business processes and all underlying transactions that drive financial reporting. The Oversight Controls Library links an organization's...