Infodom offers Oracle finances, a part of e-Business Suite, for a business function finances within organizations. With a vast amount of experience of our consultants in the development and implementation of IT systems, we enable a user to obtain an optimal solution for their needs by implementing eBS.
Audit of an enterprise or institution is the activity of an independent, objective validation and consultation designed to enhance the value of the organization and its operations. It helps the organization to accomplish its objectives by importing a systematic and disciplined approach to assessment and improvement of a risk, control management processes efficiency.
Nowadays, at a rapid pace of IT systems development, most companies save their business information in an electronic form. All transactions are recorded in tables in databases. This led to the arising need for tools capable of processing voluminous quantities of data in bases, controlling processes, identifying anomalies in such electronic data.
According to the respectful American magazine “Internal Auditor Magazine”, the collapse of Enron has urged internal controllers to think and take greater actions. They are now under a pressure to play even more important role in strengthening internal control and management, providing companies a wider, in-depth on time data analysis. This has dramatically changed a type of software that auditors were looking for. It is believed that auditors should spend time solving exceptions in their data, rather than detecting them, allowing them to go beyond a routine control and cover more “added value” on responsibility, including a managerial risk.
It is estimated that as much as 6% of income is going to be lost in this year as a result of a fraud by employees. Transaction analysis is one of the most powerful ways of detecting fraudulent practices within organizations. It is based on the work with a group of indicators for detecting potential frauds. It is necessary to analyze and test all transactions by parameters marking indicators of frauds, rather than only a smaller portion.
IT solutions in this area of business must offer reliable solutions that can easily be accessed, analyzed, and large amounts of transaction data compared. Analytic technology can be used for detecting anomalies and isolating errors within transaction data that undermine business processes and financial results. The result is a comprehensive insight into weaknesses of control and potential business risks, enabling reliable decision-making and higher responsiveness to organizational, market ,and regulatory changes.
Infodom in its portfolio offers the following products:
Galileo – audit management system - is a comprehensive system of fully integrated modules that can be adjusted to meet all requirements of an internal audit, from strategic planning, audit and resources management, job execution status tracking, to automatic documentation generating as a result of an audit. The system covers the following areas:
- Activities planning and monitoring
- Human and facility resources planning
- Operative documentation system (option of offline work)
- Recommendations tracking and audit reports generating
- Follow-up questionnaires (upon activity completion)
- Reports, KPIs and MI statistics
Magique Risk Manager is a system of fully integrated modules grouped in the following modules: (1) risk registry, (2) questionnaires, (3) incidents/operational losses reporting system, (4) activity monitoring, (5) reports.
Risk management through Magique system covers:
- Organizational structure mapping
- Risk assessment
- Analysis and processes and sub-processes monitoring
- Summary of objectives and risks
- Incidents/operational losses recording and management
- Supervision, indicators and statistics
- Traffic lights and “heat map” reports
- Key risks and control identification
- Analysis of audit in relation to business
- Status tracking
It is fully compatible with Sarbanes Oxley requirements, COSO, COCO, Turnbull and Basle principles
Galileo/Magique are products of English company Horwath White Hill Ltd. Infodom has been its partner since 2007.
References in the area of audit:
The State Audit Office, Croatian National Bank, Zagrebačka banka, Croatia Airlines, OTP bank, T-Croatian telecommunications, Kaufland, Volskbank, Ministry of regional development, forestry and water economy, Ministry of Finances and Central bank of Bosnia and Herzegovina.
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