Siemens has successfully installed automated audit and monitoring solutions in various divisions and shared service centers to address controls for segregation of duties and changes to the general ledger and to monitor controls for processes such as purchase-to-pay and order-to-cash. These proof-of-concept installations have proved successful in demonstrating the capability and value of continuous controls monitoring technology. Plans are in place to expand the use of audit automation tools at Siemens to leverage common enterprise resource planning (ERP) platforms and shared service centers to improve audit and compliance. These tools are also envisioned to support other key business processes such as operational effectiveness through monitoring, assuring process conformance, real-time closed-loop monitoring of key business performance indicators and to reduce travel and improve the quality of work life for the auditors and compliance personnel.
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