SOX News

Oversight Systems Launches Oversight On-Demand™

One-time analysis “Health Checks” answer rising need for forensic audit capabilities

ATLANTA (October 8, 2007) – Oversight Systems, Inc. today announced the availability of Oversight On-Demand™, a Software-as-a-Service (SaaS) offering of Oversight’s continuous monitoring solution. Oversight On-Demand provides for one-time, periodic “health checks” of an organization’s financial accounting and reporting processes.

“With high-profile companies making headlines for potentially fraudulent behavior, forensic auditing has become one of the hottest areas in the accounting profession today,” Oversight Systems CEO Patrick Taylor said. “Unfortunately, traditional analytical resources are expensive to employ, leaving many companies vulnerable to fraudulent behavior. Oversight On-Demand gives companies a virtual auditor at a price tailored to their needs.”

Oversight On-Demand cost-effectively automates forensic analysis of a company's financial data, leveraging advanced statistical analysis techniques to comprehensively inspect transactions for fraud, misuse and errors, and test the effectiveness of internal controls over financial reporting. With Oversight On-Demand, Sarbanes-Oxley 302 and 404 certifications are made with the confidence founded in an independent audit of 100 percent of the transactions. The analytic dashboards, workflow-enabled resolution workbench and documentation capabilities in the Oversight On-Demand platform drive efficient review and resolution to assure the integrity of financial reports. 

Oversight On-Demand is available for one-time analysis of the following processes:

-          Financial Accounting and Reporting (General Ledger)

-          Procure-to-Pay Process (Accounts Payable)

-          Travel and Expense Reporting

-          Vendor Master File Maintenance

-          Purchase Cards

Oversight On-Demand accommodates files from all of the leading ERP vendors, such as SAP, Oracle, PeopleSoft, JD Edwards, Infinium, GEAC, Baan and others.

System Security

The Oversight On-Demand offering incorporates protection services to secure client data access at all levels, from physical to logical, including safeguards on access by Oversight support and service personnel. All transfer of data over the Internet is done using encrypted links. Client data is stored on servers in a secure environment protected by state-of-the-art infrastructure. 

The Oversight Systems disaster recovery services include robust redundancy, data retention policies, storage technologies and secure backups, to ensure that customer solutions aren’t harmed by a system failure or disaster.

In addition, Oversight On-Demand one-time analyses are backed by a 100 percent satisfaction guarantee.

About Oversight Systems, Inc.Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight’s software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator’s workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance. For more information, visit www.oversightsystems.com.

Press Contact:

Nathan Walch

Connect Public Relations

nathanw@connectpr.com

(801) 373-7888

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