Audits are a regular part of protecting your business's integrity. To pass your audit with ease, make sure that you're leveraging the best of what your ERP software has to offer for Access Control Monitoring and Management.
Making sure that you comply with an audit and stay on the right side of regulatory requirements can be stressful. A bad audit can set off a chain of actions that undermines the confidence of investors or taxpayers, and it can have serious have legal implications.
Passing an audit is vital to your business's health and success. But how can you achieve an A+ audit with minimal effort? Take a look at your ERP Access Controls.
Most mid-to-large public and commercial organizations keep their financial records in an Enterprise Resource Planning (ERP) system. These systems are designed to help maintain systems and business records in accordance with industry best practices.
One of the most common types of audit is a Security audit. As part of a Security audit, a review of your organization's ERP Access Controls is often completed.
ERP Access Controls help manage what individuals have system access, and to what data and parts of the system. The controls also log users' system activities. These controls are designed to help identify authorization risks, prevent fraud, and to make it easier to manage and report compliance.
For maximum benefit, ERP Access Controls often need to be set up and customized based on an individual organization's internal and industry best practices. Once integrated, they can significantly reduce the time required to monitor, detect, remediate, and approve access across the ERP landscape. Managing access approval is an important tenant of Segregation of Duties (SoD). The goal of the SoD is to minimize the possibility of unauthorized access, which can lead to fraud and errors.
In an organization, you wouldn't want the same person who is setting up a new vendor to also be the person that's approving invoices or unchecked payments to that vendor. That would be a huge “red flag” issue on an audit.
An ERP that is updated, well maintained, and leverages the latest compliance controls can help automatically avoid “red flag” audit issues.
Meridian Partners has two decades of experience helping customers set up and maintain their ERP to ensure it meets and exceeds all recommended Governance, Risk, and Compliance standards. We have helped protect some of the best-known public and commercial organizations in the world.
Contact us today to learn how we can help you make sure that your next audit goes off without a hitch.
Meridian Partners is a minority owned company and SBA-certified 8(a) leader in providing Enterprise Resource Planning (ERP), Business Intelligence, and Budgeting solutions. Meridian helps organizations maximize business processes to be more agile, efficient, and transparent through the optimization of their enterprise systems.