According to a new press release, “Oversight Systems, the world leader in employee spend management, today announced the launch of its new General Ledger module, expanding its AI-powered audit and risk management platform, which supports enterprise-wide spend management and spend optimization. The new General Ledger solution continuously monitors 100% of an organization’s journal entries, quickly detecting errors and anomalies to prevent fraudulent activity, improve the accuracy of financial statements, and increase the efficiency of the close process. According to a trend report released by Audit Analytics, the reissuance of financial restatements increased in 2018 after a 12-year decline. And, roughly 40% of the restatements disclosed by publicly traded companies had an impact on earnings.”

The release goes on, “Oversight’s General Ledger module streamlines journal entry validation by catching errors, such as duplicate or mis-matched entries, and detecting suspicious entries that could indicate potential fraud. Using AI, the software learns an organization’s normal posting activity to spot atypical entries, including intra-company transfers and pre-paids that don’t follow expected norms. When errors or potentially fraudulent activity is detected, staff is alerted to take action. ‘Our proven AI-analytics scrutinize all journal entries, including manual and non-standard entries, to pinpoint financial risks that often elude detection,’ said [Oversight CEO Terrence] McCrossan. ‘With Oversight, organizations are now able to transform their financial audit and risk management practices for all areas of employee spend. Now, that also includes analyzing General Ledger entries to ensure they conform to expected norms’.”

Read more at Globe Newswire.

Image used under license from Shutterstock.com