Accounting and Financial Software
Software streamlines audits and strengthens controls.
Share:
Press Release Summary:
Open Controls Framework(TM) (OCF) enables companies and their auditors to simplify designing and analyzing controls, report exceptions, and audit key application and operational controls. Utilizing Web services, XML, SOAP, and LDAP, it simplifies integration with other enterprise applications, identity management systems, and governance risk and compliance solutions. OCF defines common format for acquiring and normalizing data and standard format for creating, storing, and sharing rules.
Original Press Release:
Approva Launches Industry's First Standards-Based Approach for Controls Automation & Monitoring
Open Controls Framework Enables Companies and Their Auditors to Reduce the Cost of Compliance, Streamline Audits and Strengthen Controls
RESTON, Va., May 1 / -- Approva® Corporation, the leader in enterprise controls management software, today announced the launch of the Open Controls Framework(TM) (OCF). With OCF, Approva has introduced the industry's first standards-based approach for companies and their auditors to simplify the way they design and analyze controls, report exceptions, and audit key application and operational controls.
The centerpiece of the Open Controls Framework is an open, XML-based approach for acquiring and normalizing application data, writing and organizing rules to analyze controls and creating and publishing control exception reports.
"Until now, all of the stakeholders in the controls management process lacked a standard way to design, analyze and test their controls," said Approva CEO Prashanth (PV) Boccasam. "The Open Controls Framework changes that by increasing the transparency among finance, business, IT and audit professionals. Ultimately, it helps companies reduce risk and lower the cost of compliance by decreasing the time and expenses associated with implementing, monitoring and auditing their enterprise controls."
With the advent of new legislation, such as Sarbanes-Oxley (SOX), companies have invested a significant amount of time and money testing their controls and preparing for mandatory audits of their internal application controls. The Open Controls Framework helps to reduce the manual effort required to prepare for audits and enables key stakeholders in business, finance, IT and internal audit to speak the same language. OCF also makes it easier for companies to share controls information with their external auditors by providing a common format to exchange data. In addition, by using tools that support OCF, services organizations can more effectively capture their controls knowledge in a reusable way and offer uniquely differentiated enterprise risk services to their clients.
OCF utilizes existing technology standards such as Web services, XML, SOAP and LDAP to minimize total cost of ownership and simplify integration with other enterprise applications, identity management systems and governance risk and compliance solutions. OCF enables users to perform the following specific tasks more effectively:
o Building & Publishing Interfaces: OCF defines a common format for
acquiring and normalizing data from any application and system that is
subject to control audits. This enables companies to use a common
language when auditing controls across multiple applications. In
addition, it provides a standard format for companies and auditors to
use when exchanging application data during the auditing process.
o Building & Sharing Rules: OCF defines a standard format for creating,
storing and sharing rules that are used to test controls and analyze
controls data. This common format for authoring rules makes it easier
for companies to share best practices and implement their controls. In
addition, it facilitates collaboration between business, IT and audit
professionals by translating technical terms into plain English.
o Building & Publishing Reports: OCF defines a standard format for
reporting and publishing control exceptions generated by OCF-based
rules. This streamlines audits and reduces the amount of time required
to respond to audit requests by providing a common language for
companies and their auditors to use when analyzing exceptions. In many
cases, OCF-based reports are relied on by auditors to support their
controls attestation.
o Building & Sharing Test Procedures: OCF defines a standard approach for
developing new controls monitoring procedures to address unique business
processes and control issues. This includes a standard format for
defining the data schema, rules and reports required to support the
solution. By enabling users to define new controls monitoring
procedures, they can develop controls to address operational processes
that are unique to their industry, company or function.
Underlying the Open Controls Framework is an open, XML-based language that is comprised of the Controls Reporting Language (XCRL) and the Controls Definition Language (XCDL). The XCRL and XCDL standards streamline integration, analysis and reporting for controls across the enterprise. The Controls Reporting Language defines an XML-based taxonomy that is used to prepare, publish, exchange and analyze financial controls information, such as a summary of access control violations. The Controls Definition Language provides a common controls definition language which enables users to capture, share and publish rules regardless of the type of control or the underlying infrastructure and business processes.
For more information on the Open Controls Framework visit http://approva.net/ocf.
About Approva
Approva® Corporation is the industry-leading provider of Enterprise Controls Management software. We enable business, finance, IT and audit professionals to automate the on-demand testing, closed-loop remediation and continuous, exception-based monitoring of controls within and across their business systems. Using our solutions, customers are able to significantly increase visibility into their controls, streamline the audit process, cost- effectively sustain their compliance initiatives and reduce exposure to mistakes, fraud and inefficiencies for business processes such as procurement, sales and delivery, payroll and financial close. In addition, our automated solutions act as key preventative and detective controls, further strengthening our customers' financial and operational control environments. Global companies such as Campbell Soup Company, Colgate-Palmolive, DirecTV, Discovery Communications, McCormick & Company, P&G, Pratt & Whitney, Siemens and Wyndham Hotels & Resorts rely on Approva BizRights® Platform and Enterprise Controls Suite to reduce compliance risk, increase operational efficiency and flag exceptions to their business controls. For more information, visit www.approva.net/.
Source: Approva Corporation
Web site: http://www.approva.net/
