Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that it will be presenting its industry-leading continuous transaction monitoring software at the 19th Annual ACFE Fraud Conference and Exhibition to be held in Boston, July 13-18, 2008. More than 2,000 anti-fraud professionals from around the world are expected to gather at the conference to share knowledge, exchange ideas and learn effective strategies and best practices in the global fight against fraud.
During the conference, Oversight Systems will demonstrate its leading software solution for continuous monitoring of financial processes, with real-time transaction inspection to effectively identify and prevent fraud, misuse and errors. By automating the testing and analysis of auditors and fraud examiners against every transaction across multiple financial systems, Oversight ensures the integrity of financial processes, and serves to address the key internal fraud risks that companies are facing today.
According to the 2006 ACFE Report to the Nation, the top five types of financial reporting fraud are: concealed liabilities, false or overstated revenues, incorrect asset valuations, improper disclosures, and timing differences in reporting revenues or expenses.
“It’s hard to find this type of fraud when trusted members of management – the perpetrators in 60 percent of fraud incidents – can override controls to prevent detection, without raising suspicion,” said Patrick Taylor, CEO of Oversight Systems. “With new compliance guidelines advising focus on areas of highest risk, and the recent SEC directive to take steps to mitigate ICFR weakness in controlling improper management overrides, it is more critical than ever for organizations to develop effective methods for combating financial statement fraud.”
Oversight will demonstrate its continuous transaction monitoring (CTM) software, and discuss how CTM can be the strongest weapon in the arsenal against internal fraud and misuse – not only in financial reporting, but also in corporate purchase card and travel expense programs where fraud has risen to headline-generating proportions in both public- and private-sector companies over the past year.
Attendees to the conference will see how real-time transaction monitoring enables companies to:
- Identify areas of greatest risk through on-demand historical review and trend analysis
- Detect and prevent privileged user abuses and management override of controls
- Monitor corporate purchase card and T&E transactions, in context of other financial data such as AP and HR data, to identify patterns and instances of fraud and misuse
- Create a stronger control environment, sending an enforceable message of zero tolerance for fraud, abuse and policy violations
About Oversight Systems, Inc.
Oversight Systems uniquely delivers on the promise of continuous monitoring, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains regulatory compliance. For more information, visit www.oversightsystems.com.
Contacts:
Debby Robic, 770-984-4650
info@oversightsystems.com
or
Connect
PR
Nathan F. Walch, 801-373-7888
nathanw@connectpr.com
