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Reduce the Cost and Administrative Complexity of Attestation

Sarbanes Oxley dramatically heightened the corporate world’s obligation to be and be seen to be enforcing the highest standards of financial management and control. ReKognize™ will reduce the costs and administrative complexity of attestation by automatically creating work items to remind owners of sign off responsibilities and requirements on a timely basis, analysing the balances to allow that sign-off to happen quickly, provide the users with a fully flexible commentary on why they are happy to sign off. AutoRek will have processed all transactions in its reconciliations and appropriately scored the underlying reconciliations thereby providing even more assurance to the attester and the reviewer on the veracity of the numbers.

Regulators across the world have increasingly been pressing global organisations to demonstrate governance frameworks.  Many of these organisations are multi-nationals with complex divisional and legal structures (many of which have complex statutory and business unit reporting structures).

Consequently frameworks have had to be developed which evolve that every balance in the general ledger has an accountable individual and that individual be able to demonstrate that the balance is correct or reasonable.  The organisational infrastructure to maintain such ownership, hierarchies and mentor compliance with corporate policies need to be consistent and robust without overting management away from their leadership responsibilities.

This is an important process that is typically carried out on a monthly, quarterly and year-end basis. The results help to drive the regulatory balance sheet reporting obligations of the organisation.

Historically, account attestation has been a wholly manual process, driven by spreadsheets, email and manual monitoring and reporting. However, in recent years there has been an increased need for solutions like ReKognize™ to bring a level of process automation, standardisation and enhanced control to the Balance Sheet Substantiation or account certification process. ReKognize™ helps organisations with a high volume of accounts and/or personnel involved in the sign-off process and can be used to drive efficiencies, improve transparency and help to reduce risk.  Benefits of ReKognize™: 

• Ownership, accountability and transparency across entire sets of accounts
• Early warning of potential areas and ability to drill down
• Reduced costs and improved control
• Increased process efficiency and visibility
• Consolidated management information reports
• Instant access to balances and P&L exposure across entire sets of accounts 

Find Out More

To find out more please Contact Us with your enquiry. Alternatively, visit our Resource Centre to download the following related whitepapers:  

• Integrated Reconciliations and Account Attestation: ReKognize from AutoRek
• Attestation & Sarbanes Oxley – Reducing the Costs of Compliance