Successful companies ready to take the next leap in growth will consider going public with an Initial Public Offering (IPO). An IPO gives a company more capital to increase operations, open more offices, or expand internationally. Unfortunately, many companies looking to go public underestimate the need for reporting transparency in their finances and governance.
Some of the questions an auditor is likely to ask you are:
- Can you justify every employee's access to your critical business systems? Do you know what these employees did with that access?
- Can you produce management sign-off on each employee's request for access to those systems?
- Can you pass an audit of your financial systems today? How long would it take you to pull all the documentation together? How confident are you in that documentation?
The Sarbanes-Oxley Act (SOX) requires CEOs and CFOs to be responsible for the integrity of the company's financial statements. Don't wait until you go public to put the necessary reporting, governance, and compliance controls in place.
Ernst and Young recently stated, "Companies that exceeded overall market returns following an IPO have typically implemented critical organizational changes to begin acting like a public company a full 12 to 24 months before going public."
Fastpath can help you meet complex compliance requirements. With Fastpath, you can:
- Automate your business processes for access reviews and certifications, reducing or eliminating errors made by manual processes.
- Reduce the risk of internal fraud through Segregation of Duties analysis, automated management approval for access requests, and verifiable audit trails.
- Identify risk across all your critical business systems: ERP, HCM, CRM, and more.
- Provide auditable reports for your SOX controls testing across multiple business systems.
The Fastpath Assure platform can help you manage your financial risk and help you on your way to audit compliance with products like:
- Access Risk Monitor – Identify who has access to critical data in your ERP and other business software by user or role and know what they are doing with that access. Automate access requests and track management approval for each request. Reports reveal any Segregation of Duties conflicts with user access and the specific security settings responsible for those conflicts.
- Audit Trail – Track user activity, noting critical changes to data and configuration settings, when, and by whom, including before and after values.
- Identity Manager – Streamline user setup while adding approvals and audit trails into the process.
Find out how Fastpath can help your company with your fraud, auditing, and compliance efforts.
Download the free eBook, SOX Compliance Basics: What You Need to Know, to learn more. For a customized product demonstration of how Fastpath can help your company based on your specific needs, please contact us at: gofastpath.com/demo.