Financial Audit Scoping Tool Accelerator for Oracle GRC Applications_part1 pdf

Financial Audit Scoping Tool Accelerator for Oracle GRC Applications Implement Audit Standard 5 AS5 scoping to streamline financial reporting compliance This is trial version www.adultpd

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Financial Audit Scoping Tool

Accelerator for Oracle GRC Applications

Implement Audit Standard 5 (AS5) scoping to streamline financial reporting compliance

This is trial version www.adultpdf.com

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• Financial Audit Scoping Tool Accelerator Overview

• Business Challenges

• Solution Details

• Challenges, Capabilities & Benefits

Agenda

• Process Flows

• Capabilities Details

• Related Requirements Coverage

• Oracle Accelerators for Oracle GRC

Applications

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Accelerator purpose:

• Integrate Oracle Enterprise GRC Manager with Hyperion Financial

Management to allow auditors and managers to evaluate business

process risk based on its impact on financial balances

• Accelerator benefit:

• Helps customers implement Audit Standard 5 (AS5) scoping to streamline financial reporting compliance

Solution Summary

• Reduce external audit fees by providing a methodical, rule-based

selection criteria that aligns financial audit activities with controls

Accelerator items:

• Auditor Workbench with robust, integrated controls selection based on accounts, organizations, financial balances and risk-based criteria

• Pre-built analytics of in-scope controls for assessments

• Automated creation and initiation of EGRCM Controls Assessments

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• Business Challenges

Agenda

Applications

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Percentage of Internal Control Weaknesses by Category

Personnel Issues 17%

Financial

Significant Account

Other 6%

CFOs struggle to improve governance of their financial processes

SEC fact:

Auditing Standard No 5 (AS5) directs auditors to focus on those areas that present the highest risk, such as the financial statement close process and controls designed to prevent fraud by management.

Source: SEC Approves PCAOB Auditing Standard No 5, July 2007

Financial Close and Controls 37%

Level 40%

Source: Market Reactions to the Disclosure of Internal Control Weaknesses and to the Characteristics of those Weaknesses Under Section 302 o the Sarbanes Oxley Act Of 2002, July 2007

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Frequency and Complexity of Transaction

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• Top-Down, Risk-Based Approach for Identifying Significant Accounts and Key Controls to Audit

• Focuses Testing on Risk Exposure rather than Coverage

• Reduces Control Testing Audit Costs

• Fine Tunes the Definitions of Material Weakness and

Significant Deficiency

Best Practices to Reduce Level of Effort

• Guidance is Designed to Facilitate more Efficient External Auditing including

• Scaling of the Audit for the Size and Complexity of the

Company

• Removes Requirements to Evaluate Management’s Process

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Agenda

Applications

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GRC Fundamental to Financial Close

Ledger Close

Data Assurance

Consolidatio n

Internal Managemen

t Reporting

External Financial Reporting

Filing

Documentatio

n Financial Processes, Risks & Controls

Assessment Control Effectiveness Orchestration Misstatement Risk Modeling

Close Compliance

Testing Process-Based

Audit Scoping

Accounts-Based Audit Scoping

Risk-Based Audit Scoping

Investigation Suspicious Financial Transaction Analysis & Monitoring

Remediation Risk Mitigation Planning, Tracking and Evidencing

Certification Internal Controls over Financial Reporting 302 Certification

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Key Capabilities:

• A unified workbench that brings HFM and EGRCM data together into a single workspace

• Consolidated significant accounts in HFM that are mapped to controls in EGRCM are readily identified, as well as associated risks

• Controls that are identified as in-scope are easily assigned to testers in an assessment plan

Solution Details

testers in an assessment plan

• Executive dashboards with the financial coverage of the

assessment plan, as well as the type and nature of the controls that are in scope

EGRCM Capabilities:

• EGRCM enables customers to manage GRC-related business processes across the enterprise and HFM enables customers to centralize financial reporting and enterprise consolidations

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Customer Challenge Solution Benefit

Reducing the cost of controls

assessments

FAST integrates with the EGRCM controls component Using FAST auditors can

easily perform a top-down approach to deciding which controls should be

in-scope for any given assessment

Integrating Financial close data with

Controls data

FAST integrates with Hyperion Financial Management It includes a interactive workbench that shows users how many controls are associated with monitored

reported financial amounts, thereby easily identify controls for significantly large

accounts

Understanding whether the in-scope

controls as mitigating the most relevant

risks

FAST integrates with the EGCRM risk component Evaluating controls by their

related risks helps the auditor understand management’s evaluation of the

significance of any given risk and the likelihood and impact of any given risk

Customer Challenges & Benefits Summary

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risks significance of any given risk and the likelihood and impact of any given risk

Designing a controls assessment that

is repeatable and applies consistent

decision criteria

FAST enables an iterative controls scoping processes based on multiple

criteria Once satisfied with the composition of the controls assessment, the

in-scope controls and can export, reloaded and modified for the next audit cycle

Designing a controls assessment that is

composed of a certain controls

properties such as costs, control

methods and control types

FAST includes tables and graphical analysis that intuitively displays the

composition of the in-scope controls to achieve the proper coverage, cost and

make up of key controls, automated and manual controls and detective and preventive controls

Automatically produce a controls

assessment plan based on an

iterative, robust selection criteria

FAST will programmatically setup a Controls Assessment plan that includes

multiple assessment activities, controls and steps that are managed and

monitored to completion in EGRCM.

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