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.