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Siemens selects ACL technology to support worldwide governance and compliance initiatives
Largest Purchase-to-Pay Monitoring Project Ever Undertaken
SAN FRANCISCO, California — July 8, 2008 — ACL Services Ltd. today announced at The Institute of Internal Auditor’s (IIA) annual international conference that Siemens AG, one of the world’s largest companies, has selected ACL technology to continuously monitor critical financial transactions that are at risk for fraud, error and abuse in each of its 1,300-plus corporate entities in more than 190 countries.
The ACL technology installation—across Siemens’ global corporate entities—represents the broadest implementation of monitoring technology and enforces the clear mandate to strengthen controls within the entire purchase-to-pay process (P2P), from order entry to approval to payment.
Siemens aims to become a world leader in transparency and compliance by establishing clear regulations for every employee and mandatory minimum requirements for suppliers worldwide. Michael Brauer, head of Siemens CIT CA and Program Manager for P2P Data Assurance, says “ACL technology, with its continuous auditing and monitoring capabilities, supports these goals by flagging exceptions within our purchase-to-pay process for immediate remediation action.”
According to Gartner Inc., in the April 17, 2008, report Q&A on Financial Governance Market Trends by John E. Van Decker, “Analytical audit controls that span feeder applications and general ledgers to catch inconsistencies in how data is passed and transformed from one application/process to the next, typically, are not built into ERP solutions because these activities are outside the ERP system’s control. These controls can continuously monitor the quality of the financial data and not just be performed during an audit.”
Through continuous monitoring solutions that can catch these inconsistencies, organizations are better able to support governance, risk and compliance activities and ensure the integrity of internal controls and the transactions underlying key business processes.
Siemens selected ACL as one of the best-in-breed technologies for audit analytics and transaction monitoring. For 20 years, ACL technology has been helping organizations and their auditors fight fraud, error and abuse, as well as strengthen operational efficiency and integrity. “We are pleased to support Siemens’ focus on increased visibility into their financial processes and look forward to helping them to assure ongoing compliance,” says Harald Will, president and CEO, ACL Services Ltd.
Phase 1 of the ACL technology implementation has been executed in more than 250 Siemens’ corporate entities, and worldwide implementation is scheduled for completion by the end of the year.
For more information on how ACL customers are achieving compliance and improving business performance, visit: www.acl.com/customers
About Siemens AG
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 400,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2007, Siemens had revenue of €72.4 billion and income from continuing operations of €3.9 billion (IFRS).
Further information is available in the Internet at: www.siemens.com
About ACL Services Ltd.
ACL Services Ltd. is the leading global provider of business assurance
technology for audit and compliance professionals. Combining market-leading
audit analytics software with centralized content management and exception
reporting, ACL technology provides a complete end-to-end business assurance
platform that is flexible and scalable to meet the needs of any organization.
Since 1987, ACL technology has helped organizations reduce risk, detect fraud,
enhance profitability, and improve business performance. ACL delivers its
solutions to 14,000 organizations in over 150 countries through a global
network of ACL offices and channel partners. Our customers include 95 percent
of Fortune 100 companies, 85 percent of the Fortune 500 and over two-thirds of
the Global 500, as well as hundreds of national, state, and local governments,
and the Big Four public accounting firms. www.acl.com
For more information, contact:
Beth Hardy
Manager, Corporate Marketing
ACL Services Ltd.
Phone: 604 669 4225
press@acl.com
© 2010 ACL Services Ltd. ACL and the ACL logo are registered
trademarks of ACL Services Ltd. All other company and product names are
trademarks of their respective owners.
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