<Insert Picture Here> 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 • Financial Audit Scoping Tool Accelerator Overview • Business Challenges • Solution Details • Challenges, Capabilities & Benefits Financial Audit Scoping Tool Agenda • Process Flows • Capabilities Details • Related Requirements Coverage • Oracle Accelerators for Oracle GRC Applications This is trial version www.adultpdf.com 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 Financial Audit Scoping Tool 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 This is trial version www.adultpdf.com • Financial Audit Scoping Tool Accelerator Overview • Business Challenges • Solution Details • Challenges, Capabilities & Benefits Financial Audit Scoping Tool Agenda • Process Flows • Capabilities Details • Related Requirements Coverage • Oracle Accelerators for Oracle GRC Applications This is trial version www.adultpdf.com Percentage of Internal Control Weaknesses by Category Personnel Issues 17% Financial Significant Account Other 6% Financial Audit Scoping Tool 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 This is trial version www.adultpdf.com Financial Audit Scoping Tool Frequency and Complexity of Transaction This is trial version www.adultpdf.com • 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 Financial Audit Scoping Tool 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 7 This is trial version www.adultpdf.com • Financial Audit Scoping Tool Accelerator Overview • Business Challenges • Solution Details • Challenges, Capabilities & Benefits Financial Audit Scoping Tool Agenda • Process Flows • Capabilities Details • Related Requirements Coverage • Oracle Accelerators for Oracle GRC Applications This is trial version www.adultpdf.com Financial Audit Scoping Tool 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 This is trial version www.adultpdf.com 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 Financial Audit Scoping Tool 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. This is trial version www.adultpdf.com [...].. .Financial Audit Scoping Tool Customer Challenges & Benefits Summary 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 inscope for any given assessment Integrating Financial close data with Controls... 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... 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 inscope 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... 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 This is trial version www.adultpdf.com 11 . Here> 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 •. Related Requirements Coverage • Oracle Accelerators for Oracle GRC Applications This is trial version www.adultpdf.com Financial Audit Scoping Tool GRC Fundamental to Financial Close Ledger Close Data. Benefits Financial Audit Scoping Tool Agenda • Process Flows • Capabilities Details • Related Requirements Coverage • Oracle Accelerators for Oracle GRC Applications This is trial version www.adultpdf.com Percentage