Siemens Selects ACL to Support Worldwide Governance and Compliance Initiatives


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Siemens Selects ACL to Support Worldwide Governance and Compliance Initiatives

Largest Purchase-to-Pay Monitoring Project Ever Undertaken

Harald Will
CEO
ACL Services

ACL Services Ltd. has announced at The Institute of Internal Auditor’s 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, 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 CIO CA/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 the best-in-breed technology 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.

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 &euro72.4 billion and income from continuing operations of &euro3.9 billion (IFRS).

ACL Services Ltd. is the leading global provider of technology for audit and compliance professionals. Combining market-leading audit analytics software and professional services expertise, ACL solutions give auditors confidence in the effectiveness of internal controls and the integrity of the transactions underlying business operations.

Since 1987, ACL has enabled auditors to assure sustainable compliance, reduce risk, detect fraud, enhance profitability, and improve business performance. ACL delivers its solutions to more than 215,000 licensed users 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.

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