Flexipurchase.com

Audit/Compliance

The Sarbanes-Oxley Act of 2002 has resulted in new levels of expectation around the tools and controls that are used to manage all forms of financial transactions. While the legislation stemmed primarily from the need to protect shareholders, it has resulted in a set of requirements which permeate through all aspects of financial management and accountability.

Expense Management Solutions are a key tool to help organisations manage and account for corporate spend. With its strong fundamental design principles, a secure and controlled environment for technology and data and a comprehensive, user-friendly toolkit, the FlexiPurchase solution can help your organisation comply with many of the Sarbanes-Oxley requirements.

The core requirements to be met relate to Internal Controls (Sections 302 and 404 of the legislation) to ensure that:

  • Transactions are executed and authorised in accordance with management's general or specific authorisation
  • The recorded accountability for assets is regularly compared with existing assets and that any differences trigger the appropriate action
  • Access to assets is safeguarded from unauthorised or improper use in line with management authorisation
  • Transactions are properly recorded to allow the accurate and timely preparation of financial statements which conform to generally accepted accounting principles

How FlexiPurchase can support you in your Sarbanes-Oxley compliance:

Sarbanes-Oxley Act requirements FlexiPurchase

Transaction Management

Transactions are executed and authorised in accordance with management's general or specific authorisation 		FlexiPurchase supports the adherence of this requirement through its:
  • Powerful workflow engine
  • Controlled and accurate coding
  • Best practice configuration

Accountability

The recorded accountability for assets is regularly compared with existing assets and any differences triggers appropriate action 		FlexiPurchase supports the adherence of this requirement by providing a powerful reporting engine and comprehensive report suite which can be used to support:
  • Comprehensive reporting capabilities
  • the Data Extract Service

Safeguards

Access to assets is safeguarded from unauthorised or improper use in line with management authorisation 		FlexiPurchase supports the adherence of this requirement through the following tools and modules:
  • Data control hierarchy
  • Security, intrusion detection & protection, encryption
  • Auditing
  • Powerful workflow engine
  • Mileage allowance monitoring

Accurate Recording/Reporting

Transactions are properly recorded to permit preparation of financial statements which conform to generally accepted accounting principles 		FlexiPurchase supports the adherence of this requirement through the following tools and modules:
  • Systems Interfacing
  • Notification and messaging tools