While cost savings varies in form and degree, after the first year of using LogicManager’s SOX/ICFR Risk & Materiality Assessment solution package, organizations increase their efficiencies by 10-40%. Here are 5 reasons why:
1: LogicManager users can directly link SOX controls to their IT systems and applications to streamline their testing processes.
2: Applying a top-down strategy to control testing eliminates duplicative work and ensures alignment.
3: Risk assessments of assertions related to material financial statement line items help to objectively prioritize higher risk control testing.
4: Our software is easy to use and train others on using, meaning our users increase collaboration from company personnel and third parties.
5: AI technology identifies opportunities for consideration of similar activity-level controls, which helps connect departmental efforts and reduce redundancy of review activity by SOX external audit teams.