Operations

10:28 AM
Connect Directly
RSS
E-Mail
50%
50%

Easing the Pain of Financial Reporting (Well, the Data Preparation and Publishing Part, Anyway)

At most Wall Street firms, the preparing of quarterly and annual reports is a tense, stressful time of Excel files being emailed back and forth and behind-closed-door meetings at which financial numbers are presented, reviewed and approved. Two products aim to help walk you through this process, automatically routing data to the right people and acquiring their approvals (using electronic signatures), providing the controls that Sarbanes-Oxley and accounting practices require, and producing stat

At most Wall Street firms, the preparing of quarterly and annual reports is a tense, stressful time of Excel files being emailed back and forth and behind-closed-door meetings at which financial numbers are presented, reviewed and approved. Two products aim to help walk you through this process, automatically routing data to the right people and acquiring their approvals (using electronic signatures), providing the controls that Sarbanes-Oxley and accounting practices require, and producing statements for the SEC in the necessary Word and XBRL formats (as well as PDF and Excel).One is Clarity Systems' brand-new Financial Statement Reporting module. It can accept data from an Excel file, ERP or general ledger system, put it through the proper workflows, and generate 10K, 10Q, board book and other financial documents. It provides an audit trail for the regulators and reusable templates. This is a new area for Clarity, which in the past has focused on corporate performance management software. The new module works with the rest of the Clarity 6 suite, so that the tasks of planning, analyzing and reporting on performance, including regulatory reports, can all be tied together.

The other is Movaris' two-year-old, more fully featured OneClose software. In addition to automating the final reporting processes of quarterly and yearly financial closes, the vendor provides Account Reconciliation software that automates the process of comparing account information drawn from various sources, flagging variances, and making corrections, arguably the hardest and least desirable work involved in closing the books. One out of every five SEC material weakness filings are due to account reconciliation mistakes. Options backdating, for instance, is the hot issue at the moment for the SEC and many of its subjects.

"These products are a real timesaver for a lot of firms," notes Jim Haggerty, analyst at AMR Research. "There's probably a need out there for this kind of software. Companies can get by without it, but wouldn't it be great to do pushbutton reporting?"

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Dark Reading Newsletters
White Papers
Video
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: Janice, I think I've got a message from the code father!
Current Issue
Security Operations and IT Operations: Finding the Path to Collaboration
A wide gulf has emerged between SOC and NOC teams that's keeping both of them from assuring the confidentiality, integrity, and availability of IT systems. Here's how experts think it should be bridged.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Slideshows
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2017-0290
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

CVE-2016-10369
Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

CVE-2016-8202
Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

CVE-2016-8209
Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

CVE-2017-0890
Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.

Dark Reading Radio
Archived Dark Reading Radio
In past years, security researchers have discovered ways to hack cars, medical devices, automated teller machines, and many other targets. Dark Reading Executive Editor Kelly Jackson Higgins hosts researcher Samy Kamkar and Levi Gundert, vice president of threat intelligence at Recorded Future, to discuss some of 2016's most unusual and creative hacks by white hats, and what these new vulnerabilities might mean for the coming year.