First Continuous Audit and Risk Management Solution

Sarbanes-Oxley

Source: www.Sarbanes-Oxley.com
The first software solution to provide audit executives with true continuous audit and risk management capabilities across the enterprise was released for general availability recently.  Reliant Solutions, Inc. officially launched with the release of ReliantAuditor, which integrates continuous monitoring of internal controls with automated audit operations, risk assessment and a dynamic COSO framework.  Auditors can now streamline and increase the accuracy and completeness of their Sarbanes-Oxley, financial and operational audits.  Already companies are gaining improvements in efficiency and audit quality using ReliantAuditor.

“We tried several compliance and monitoring tools in an effort to improve audit efficiency, but none of them met the overall needs of the audit organization.  Reliant has automated and integrated all the key components of auditing giving us a dynamic framework for managing our internal controls and the ability to have true continuous auditing,” said Bill Hagerman, executive director of Internal Audit at Mindspeed Technologies (NASDAQ: MSPD).  “With Reliant, we’re finally seeing the benefits in audit efficiency and quality that we’ve been looking for.”

Developed and tested since 2006, ReliantAuditor is the first comprehensive solution to automate audit operations from the perspective of the Chief Audit Executive, including risk assessment, audit plan management, control monitoring, testing and remediation, and integrate these into a dynamic risk framework that provides up-to-the-minute status on audit results from across the enterprise.  Auditors are able to perform true continuous auditing to identify and remediate business risks at any time, improving efficiency, quality, insight and assurance across all aspects of audit. ReliantAuditor reduces audit costs by reducing the time and effort needed to prepare, conduct and reports on audits.  Its global dashboard facilitates collaboration with key stakeholders, allowing them to easily see and respond to high priority items that require attention.  The out-of-box controls and audit plan templates, representing industry best practices, enable rapid deployment to maximize ROI. “Designed, implemented and  road tested for the chief audit executive, our solution transforms audit from a static, reactionary process that makes point-in-time assessments, to a dynamic, continuous process resulting in more accurate and complete audit reports and broader business insight to help eliminate future risk as well.”

Multiple studies and reports have shown the cost of audit and compliance continues to increase as does the market for compliance and audit solutions.  According to the most recent study by Foley & Lardner, out-of-pocket costs associated with SOX compliance were up 13% in FY 2006 over FY 2005 for public companies with revenue under $1 billion, and were up 12% over the same period for public companies with annual revenues over $1 billion (The Cost of Being Public in the Era of Sarbanes - Oxley).   IDC predicts the applications market for GRC solutions will exceed $4 billion by 2011 (IDC: Worldwide Financial Governance, Risk and Compliance Applications 2007 - 2011 Forecast ).

Reliant provides software and consulting services for chief audit executives who want to reduce the high cost, complexity and uncertainty of enterprise-wide audits. To effectively manage risk, auditors need efficient audit processes, reliable test data and continuous visibility into risks, controls and audit results at any time. Reliant delivers all of these and more with the only continuous risk management solution for auditors. With Reliant, you can continuously monitor transactions, streamline audit operations, automate control testing and remediation, and implement a dynamic risk framework that shows up-to-the-minute status of audit programs. Using pre-packaged, standards-based controls for compliance, operational and financial audits, Reliant helps companies to reduce risk while gaining efficiency, quality, insight and assurance throughout the audit process.