New Risk Assessment Standards for Audits for Public Companies

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The Public Company Accounting Oversight Board (PCAOB) has adopted new risk-assessment standards for audits conducted for fiscal periods starting on or after Dec. 15, 2010. “These new standards are a significant step in promoting sophisticated risk assessment in audits and minimizing the risk that the auditor will fail to detect material misstatements,” said Daniel Goelzer, PCAOB acting chairman.  

Although these updated standards pertain to the auditors themselves, it also affects businesses and how they need to ensure their financial records are accurate as auditors will be even more thorough because of these new standards.  With the Audit Trails and Electronic Signatures modules for Microsoft Dynamics GP, you can manage your financial, operational, and reporting risk to protect your assets and reputation. 

•Audit Trails for Microsoft Dynamics GP delivers strong tracking and reporting capabilities for business process changes that may result in risk. Recreate the transaction history of these key processes, including before-and-after transactional information, user ID, and time and date stamps.

•With Electronic Signatures for Microsoft Dynamics GP, preventative authorization controls can be activated at any place in the system where data is changed. Before they can change data, Electronic Signatures presents your people with a window that requires authorized user identity information. Electronic Signatures can also enforce dual signature authorization onsite or by a remote system notification and response, and it captures additional information (reason codes) and comments on your critical business documents. 

The Sherwood Systems’ team is fully certified in Microsoft Dynamics GP and Microsoft Dynamics CRM. We have a “hands on” approach with every client from training and technical support to developing a wide range of reports and enhancing the software’s functionality. Sherwood Systems has been a Microsoft Certified Solutions Provider for more than 20 years and is one of only 40 source code authorized Microsoft Dynamics GP solution developers. 

By Sherwood Systems, an Arizona Microsoft Dynamics GP Partner

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