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Metastorm Reference Model For Finance & Audit
In the wake of the corporate accounting scandals of the last decade, compliance has secured a place at the forefront of every publicly-traded company's financial and IT initiatives.
Metastorm created the Reference Model for Finance & Audit to answer the demand for a more effective way to document financial processes and internal controls. We collaborated with audit and financial reporting experts to develop a series of pre-built, best practice financial process and control models housed within Metastorm ProVision®, our leading solution for enterprise modeling. Using our reference model, you can significantly reduce the time and expense to document financial processes and controls, while improving the overall quality and accessibility of documentation for future maintenance and audits.
The Metastorm Reference Model for Finance & Audit is comprised of a framework of financial operating and reporting process models for process documentation and improvement initiatives, which as a result accelerate the development of required process documentation efforts. It covers 14 key financial processes.
This reference model serves as the basis for analyzing and documenting current processes, and includes applicable internal audit controls into an organization's financial processes. A pre-built framework of audit controls (based on the GAAP and COSO) facilitates the complete implementation of all audit controls and procedures for the above listed transactions, as well.
As an integral component of this solution, Metastorm's Sarbanes-Oxley implementation support delivers an evaluation of existing financial process documentation. This determines the level of support the documentation will lend to compliance efforts. It also allows for the creation of an implementation action plan that will accelerate analysis and evaluation of as-is and to-be environments to assist in defining the implementation plan for compliance. The plan addresses roles and responsibilities, primary/secondary deliverables, and the necessary steps for compliance.
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