Internal Control Over Financial Reporting (ICFR)
Streamline your financial reporting compliance. LogicERM brings it all together for you putting everything in one place and managing all the relationships for you. You will dramatically reduce information gathering and verification efforts for both you and the control owners you work with.
By making the connection between your controls and your IT infrastructure, LogicERM consolidates overall testing activity, reduces audit time and makes it easy to report all control environment changes. LogicERM even provides a one-click gap analysis report on your tests, controls, assertions, and risks to assure accuracy and completeness.
Built from the start as a risk based approach for determining materiality, in August 2007, LogicERM became the first solution to fully incorporate Audit Standard No. 5 (AS5) guidelines. To meet your complex reporting requirements, LogicERM provides complete pre-built reports for management, committees, regulators, auditors and other key stakeholders.
In addition to traditional financial compliance related control, documentation, workflow and test capabilities, LogicERM enables you to
- Assess the materiality of financial line items, processes and supporting company resources to determine scope.
- Automate test procedures, sample entry and work paper reporting.
- Strengthen controls and reduce testing by leveraging entity-wide controls at the activity level.
- Utilize a built–in library of AS5 based entity-wide controls, risks and evaluation criteria.
- Utilize built–in reports and dashboards with drill–down analysis
- Reduce your exposure by strengthening anti-fraud risks assessments and control work
- Achieve external auditor reliance on data integrity and access control
- Meets SOX, Model Audit, Bill 198 / CSA 52-313, JSOX, and Loi de Sécurité Financière requirements
Download our Business Requirements and Functional Capabilities document that details the advantages of a comprehensive risk-based software approach over MS Office solutions.