Movaris Unifies Financial Statements, Close Tasks, And SOX Controls - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Movaris Unifies Financial Statements, Close Tasks, And SOX Controls

The new software allows organizations to synchronize their financial close, financial statements, and Sarbanes-Oxley monitoring activities.

Movaris, San Jose, today brought out an application that enables organizations to synchronize their financial close, financial statements and Sarbanes-Oxley controls activities.

The new Movaris OneClose application is said to directly link financial controls and close tasks to financial statements, synchronizing the series of activities performed during the financial close and reporting process and creating a system of record for financial statements, the financial close and Sarbanes-Oxley compliance.

A more typical approach, according to Movaris, is for companies to complete Sarbanes-Oxley assessment after their financial close, delaying the discovery of failed key controls. When failed controls show up after the financial close, companies have to re-evaluate their financial results for material weakness, which can lead to disclosures and financial restatements.

"Regulatory guidance instructs companies to integrate the Sarbanes-Oxley review of internal controls with the periodic preparation and audit of financial statements, though until today, companies have not been able to do so," said Movaris CEO Eric Keller, in a prepared statement. "Movaris OneClose fixes this problem by synchronizing compliance and close activities, and standardizing the correct sequence of ‘last mile’ activities across the entire enterprise."

The software links financial statement line items directly to controls and close tasks and helps document and automate the close process. For Sarbanes-Oxley compliance, it documents, standardizes and automates financial compliance activities and eliminates redundant and low value controls by directly linking all control activities to financial statement line items.

Movaris OneClose also will allow CFOs to reduce their largest departmental expense item after employee expenses, external auditor fees, according to Movaris. It does this by automatically generating close and compliance binders for the entire distributed enterprise, eliminating the need for external auditors to manually gather and review evidence from disparate sources and regional offices.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of Cloud Computing - Fall 2020
The State of Cloud Computing - Fall 2020
Download this report to compare how cloud usage and spending patterns have changed in 2020, and how respondents think they'll evolve over the next two years.
Commentary
Why 2021 May Turn Out to be a Great Year for Tech Startups
John Edwards, Technology Journalist & Author,  2/24/2021
News
How GIS Data Can Help Fix Vaccine Distribution
Jessica Davis, Senior Editor, Enterprise Apps,  2/17/2021
Slideshows
11 Ways DevOps Is Evolving
Lisa Morgan, Freelance Writer,  2/18/2021
Register for InformationWeek Newsletters
Video
Current Issue
2021 Top Enterprise IT Trends
We've identified the key trends that are poised to impact the IT landscape in 2021. Find out why they're important and how they will affect you.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll