PeopleSoft Internal Controls Enforcer (ICE) Insight

Why consider PeopleSoft Internal Control Enforcer?

Problems associated with ERP Implementations become rampant during the post-implementation phase. Many experienced users will greet the new system’s implementation by continuing to do things as they always have. Users have a set process and comfort level in getting their work done so the complex ERP System may appear threatening and intrusive. Once they become familiar with the system, users try to push it a step further than it was designed to go.

Often business processes are not adhered to by users in an effort to get around the original purpose of the software. Internal controls are used to manage and enforce the business processes. All organizations must continually monitor the internal controls to provide better visibility and management of compliance projects and driving accountability throughout the organization. The findings outlined in this document are a guide for meeting the Sarbanes-Oxley Section 404 compliance and risk management.

An auditing approach should be incorporated in the overall system implementation methodology. Sufficient and substantial test should satisfy this objective. Several auditing approaches should be analyzed to determine the best fit for your organization.

Financial Audits should include specific areas for review which include:

PeopleSoft General Ledger
Journal edit rules
PeopleSoft Accounts Payable
Segregation of duties
Creation of one-time vendors
Voucher and purchase order matching rules and tolerances
Matching rules for incomplete source documents
Duplicate Invoice Checking
Voucher limits
PeopleSoft Accounts Receivable
Customer credit limits
Write-off limits
PeopleSoft Expense
Expense and approval authority and limits

Compliance mandates like Sarbanes-Oxley are all about how an organization manages its information. Management should think about simplifying business processes that easily produce transparent and consistent data. Clients will need to build auditable, repeatable compliance processes. Internal controls will encompass compliance processes â€" from records retention, electronic discovery, and PeopleSoft (https://goo.gl/hVgA5t)online compliance training, to monitoring and enforcing IT and application controls and reporting to regulatory authorities â€" and can be a daunting task.

Clients will need to adopt a strategy to maximize control and improve efficiencies.