Oracle Announces New Releases of Oracle® Internal Controls Manager and Oracle Financial Consolidation Hub
Customers Can Gain Greater Financial Compliance Insight with Unified Financial Reporting, Compliance Management and Assurance Analytics.
REDWOOD SHORES, Calif. 11-JAN-2006 Oracle today announced the latest releases of Oracle(r) Internal Controls Manager and Oracle Financial Consolidation Hub, part of the Oracle E-Business Suite. The new versions will help to ensure the quality and transparency of financial information across the enterprise by integrating the preparation of financial statements with the periodic evaluation of a company’s internal controls.
Finance teams have traditionally managed consolidation and reporting separately from compliance certification efforts. This meant that finance teams had to report financial results without complete knowledge of the risks, mitigations, and audit tests that lay behind each financial statement line item, or finance teams had to track these relationships manually. In the latest release, Oracle Financial Consolidation Hub introduces full integration with Oracle Internal Controls Manager to converge financial reporting and compliance certification processes. Oracle’s corporate performance and compliance management applications are built on a single analytic platform, which provides the framework necessary for consistent processes and certification across disparate source systems. The single data model delivers greater visibility and helps increase confidence in financial results by presenting consolidated global financial results with related risks and mitigations.
“Sarbanes-Oxley certification requires far more than annual and quarter-end reporting, internal control reviews and audit procedures, and is best facilitated by consistent, automated processes; real-time visibility into results; and proactive monitoring of potential risks,” said Research Director of Compliance and Business Performance Management solutions at IDC, Kathleen Wilhide. “It is key for organizations to integrate financial reporting with internal control evaluations more strongly, supporting greater visibility and analysis on an ongoing basis that will increase confidence in externally reported results.”
Strengthen Confidence in Financial Results
By providing dashboards that highlight the current status for both financial consolidation and internal controls certification processes, Oracle Financial Consolidation Hub offers CFOs and controllers the visibility they need to confidently sign-off on the company’s financial results. Each entity in the consolidation hierarchy is actively monitored with the ability to drill down from financial statements to live transactional details in Oracle General Ledger and sub-ledgers, and with the ability to drill across to Oracle Internal Controls Manager for live certification results. Finance teams can use the dashboard to quickly spot potential risks for misstatement and avoid delays in the discovery of key failed controls - improving both the production and the assurance of accurate financial statements.
Reduce Cost of Compliance
External auditor fees make up a substantial portion of the cost of compliance, and finance teams are eager to leverage their knowledge from the first year of Sarbanes-Oxley efforts to reduce expenses for year two and beyond. To that end, Oracle Internal Controls Manager leverages the existing technology framework already embedded in the Oracle E-Business Suite, such as Daily Business Intelligence and XML Publisher to facilitate auditor reporting and attestation requirements.
Build Spreadsheet Reports
Oracle Financial Consolidation Hub provides a convenient spreadsheet interface on top of the data mining and OLAP capabilities of the Enterprise Editions of Oracle9i Database and Oracle Database 10g. Users can manipulate their consolidated results in a spreadsheet, taking advantage of familiar spreadsheet formatting and calculations, while maintaining a live link to the real-time financial results in a secure database. From the spreadsheet, users can also drill down directly to operational transactions in Oracle E-Business Suite modules such as general ledger, accounts payable, accounts receivable, fixed assets, inventory, purchasing, projects, and so on. Oracle’s single data model provides the foundation for greater transparency and auditability, while preserving the familiar spreadsheet reporting environment.
“With over 250 customers on Oracle Internal Controls Manager, we’ve drawn upon our users’ collective experiences to bridge the divide between the preparation and the control evaluation of financial results,” said Oracle Vice President, Applications Strategy, Chris Leone. “We’re helping customers advance to the next phase of sustainable compliance by delivering assurance analytics that anticipate year two reporting requests from auditors and business process owners.”
Oracle Financial Consolidation Hub version 2 is available now. Oracle Internal Controls Manager version 5 is scheduled to be generally available in 2006.
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