In response to a KPMG survey that reveals a significant lack of confidence on the part of corporate directors in the ability of their external auditors to detect fraud, Mobius Management Systems, Inc. underscored the need for corporations to effectively deploy systems that help prevent financial manipulation and errors within their organizations. The company's audit and balancing system, ViewDirect-ABS, is a software solution that automates the audit and reconciliation processes used to verify and publish financial information. These processes are more prone to error and vulnerable to fraud when performed manually. Mobius is a leading provider of software for total content management (TCM).
A recent survey of corporate directors from 75 of Canada's largest companies conducted by KPMG Forensics has once again brought the issue of fraud to the forefront of business discussion as it revealed that many respondents are not confident that their companies can avoid manipulation of their financial statements. Previous KPMG survey findings have shown that only 3-5 percent of fraud cases are typically detected by external auditors. Mobius believes that the results of the current poll illustrate a need for systems like ViewDirect-ABS that support companies' efforts to become more vigilant in ensuring the accuracy of financial reporting.
ViewDirect-ABS enhances confidence in the accuracy of financial reporting and, as a result, helps companies comply with the requirements of the Sarbanes-Oxley Act of 2002. Released in version 4.1 in November 2003, ViewDirect-ABS is a mature software product that helps ensure the integrity and consistency of enterprise information by auditing across platforms and applications and alerting key personnel when irregularities occur. The software is a component of ViewDirect TCM, an integrated suite of solutions for total content management.
"The KPMG survey findings are consistent with what we are seeing in the marketplace," said Brendan English, vice president, compliance solutions at Mobius. "Leading companies are investing in software that helps tightly manage the auditing and reconciliation of financial statements. They realize that relying solely on an external auditor or manual processes to detect financial manipulation is a very dangerous game. ViewDirect-ABS is an automated auditing tool that is a necessary part of the arsenal against fraud, errors and omission."
ViewDirect-ABS is fully integrated with the ViewDirect TCM repository and with WorkflowDirect, Mobius's Java-based business process platform. Reports and documents in the repository can be processed in ViewDirect-ABS and a document's arrival in the repository can trigger the balancing process. WorkflowDirect automates actions to be taken when exceptions are detected and provides an audit trail of all actions that have been performed.
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