To help organizations achieve and move beyond compliance with the requirements of the Sarbanes-Oxley Act, Hyperion and Deloitte Consulting LLP (Deloitte), one of the nation's leading professional services firms, today announced an agreement to deliver a solution for financial and internal control monitoring and reporting. Combining proven Hyperion software and Deloitte's experience in assisting more than 500 clients in Sarbanes-Oxley Section 404 readiness and other compliance-related projects, this solution is designed to help companies monitor compliance more effectively through a single portal that consolidates diverse financial, internal control and operational information. By providing visibility into this critical information, this solution can also help managers make decisions that lead to improved performance.
According to John Hagerty from AMR, organizations should parlay their compliance efforts into more comprehensive performance management activities. "Companies are beginning to put compliance requirements in perspective of what they consider the spirit of Sarbanes-Oxley: better managed and reliable company financial performance. With that, they are connecting the dots between overall corporate governance initiatives, mandated compliance requirements, and their own enterprise performance management activities," said John Hagerty in The AMR Research Alert, March 8, 2004.
With this solution, a single dashboard delivers integrated information to user desktops to offer companies improved decision-making capabilities. By providing clear communication around the status of internal controls through a single source of information on policies and principles that is integrated with day to day financial operations, users gain the ability to analyze and take action on potential control weaknesses.
Deloitte's financial and internal control monitoring and reporting framework, which is known as OneView, combines their compliance-specific knowledge and leading practices with technology including Hyperion Financial Management software. The result is a solution designed to help organizations maximize their investment in current Sarbanes-Oxley compliance and build an environment of sustained compliance for the future.
"We've extended our alliance with Hyperion specifically to help organizations monitor the quality of their internal control environment and improve their overall business performance," said Andy Rusnak, principal, CFO Services for Deloitte. "Deloitte and Hyperion are teaming to help drive the transition of organizations toward realizing the business performance opportunities presented by their compliance efforts."
This solution can help companies reduce close-cycle times by days or weeks, cut compliance and operational costs by replacing manual control procedures with automated and preventative controls, and identify new sources for profitability and cash flow at the company, product, brand and customer level. It complements and integrates systems to provide stronger internal control monitoring and real-time reporting. Key categories of enabling technology include:
- Web-based financial consolidation and reporting application for collecting and reporting periodic financial data, including key operating metrics and information required to meet external reporting requirements. Workflow monitoring increases the level of collaboration during period-end close and facilitates approvals during the process.
- Control monitoring of the current control environment and monitoring the Sarbanes-Oxley compliance process. Control monitoring links seamlessly with financial reporting and other Business Performance Management tools to leverage an organization's knowledge base of internal control standards and practices.
- Web delivery platform that integrates compliance information and facilitates information sharing among key executives and compliance officers via the Web. OneView's compliance dashboard makes information easily accessible and provides for security, personalization and custom alerts.
A key technology component of the OneView framework is Hyperion Financial Management, a proven Web-based, enterprise-scale financial management and reporting application that helps satisfy shareholder, investor and government requirements for disclosure, transparency and accountability. Part of a comprehensive suite of Business Performance Management software, Hyperion Financial Management provides managers with rapid access to financial results, and the ability to review an audit trail of approvals before signing off on financial statements.
Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other, related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons, certain member firms do not provide services in all four professional areas listed above and is limited in its ability to provide the solution discussed above to SEC registrant attest clients.
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