(PRWEB) October 9, 2004
Assurity Technologies, Inc. announces the release of GL Recon ICS, the internal control software solution for the general ledger account reconciliation process.
ÂWhile GL Recon ICS supports Sarbanes-Oxley compliance initiatives, it should not be confused with other Sarbanes-Oxley software applicationsÂ explains Heather Lynds, Managing Director at Assurity Technologies. ÂGL Recon ICS is a process management system. It targets one of the most important controls over the financial reporting process, the general ledger account reconciliation process, and implements a best practices solution. By replacing the manual procedures used by firms today with a robust, automated management system, GL Recon ICS saves our clients time and money and strengthens internal controls.Â
The primary function of GL Recon ICS is to ensure that all relevant general ledger accounts are being reconciled according to company policy. The system sends automated email reminders to participants as reminders of impending due dates and to follow-up on missed deadlines. Electronic forms capture the results of the reconciliation process, and an online document repository stores electronic files and supporting documentation. Manager approvals are captured using electronic certifications, and integrated quality assurance tools enable auditors and accountants to monitor the quality of completed reconciliations. Extensive reporting provides visbility into the effectiveness of the control across the entire organization.
The release of GL Recon ICS is expected to be timely, coinciding with increasing interest in internal control process management systems. While the majority of Sarbanes-Oxley spending has been focused on documentation of internal controls, firms are beginning to target specific internal controls in preparation for upcoming internal control audits. According to a recent article by Compliance Week (http://www.ComplianceWeek.com), problems with financial systems and procedures are currently accounting for greater than half of the internal control weaknesses disclosed by firms. (See "Despite IT Buzz Around 404, People Factor Remains Critical", Joanne Sammer, September 14, 2004)
# # #