Deloitte Financial Advisory Services poll was recently published at CFO.com indicating that 27% of executives reported a reduction in internal audit and compliance staff over the last 18 months. Kerry Francis, chairman of Deloitte Financial Advisory Services, had this to say on the subject: “We know that in a recessionary time, fraud risk and corruption risk rise, so there’s a tension there.”
If your organization is facing these challenges, you should know that an accounting software solution like Microsoft Dynamics GP or Sage MAS 90 and 200 can provide your business with protection and peace of mind.
Microsoft Dynamics GP provides ways to reduce these risks even with a reduced audit and compliance staff. The Audit Trails and Electronic Signatures modules of Microsoft Dynamics GP Advanced Management Enterprise take a process-oriented approach to managing risk, increasing controls and maintaining compliance all while reducing operating costs. By storing audit trails in a database that is separate from your production environment and operating as a closed system environment, the Audit Trails module supports regulatory requirements, compliance procedures, and strong controls. The Electronic Signatures module enables preventative authorization controls to be strategically activated at any place in the system where data is changed, presenting your people with a window that requires authorized user identity information either on-site or remotely through a system notification and response.
To learn more about how Microsoft Dynamics GP can help your organization reduce your fraud risk and improve audit compliance even in challenging economic times, download this whitepaper: Help Achieve Compliance Objectives with Microsoft Dynamics GP.
Sage MAS 90 and 200 ERP provides visibility into your business’ financial data that can help you detect fraud or mismanagement early and resolve data discrepancies quickly with minimal disruption to the business. In addition, the eProcess Manager Suite which works with MAS 90 provides another level of risk management and compliance activities all linked back to our organizational strategies. It allows you to capture and manage entity, departmental, business cycle and process risks, issues and opportunities. Built in risk assessments will help determine where you are, and position you to improve where you will receive the biggest impact based on your objectives.
Want to talk to someone about reducing your fraud risk and securing your financial data through your ERP solution or changes to business processes? Request an Internal Controls Assessment from Socius!