Concur delivers Sarbanes-Oxley control solutions

By SiliconIndia   |   Thursday, 19 June 2003, 07:00 Hrs   |    2 Comments
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SEATTLE: Concur Technologies, Inc. (Nasdaq:CNQR) Thursday introduced the Concur Compliance Solution, a set of value-added software and service offerings built to operate with Concur's Corporate Expense Management solutions.

Concur's solutions are specifically designed to automate business processes for the efficient and proper recording of transactions, helping public companies improve their internal controls and procedures for financial reporting, the company claimed.

Under Sections 302 and 404 of the Sarbanes-Oxley Act of 2002, public companies must now certify the adequacy of their 'internal controls' for financial reporting purposes. The Concur Compliance Solution enables public companies to more fully comply with their certification and reporting obligations by ensuring that financial transactions are properly authorized and recorded, and that assets are adequately safeguarded.

Travel and entertainment (T&E) expenses represent a significant source of discretionary spend for public companies -- typically representing millions of dollars in annual expenditures. Consequently, the process for how companies record and document T&E expenses is a significant focus of the auditors who examine the adequacy of internal processes, as well as the government regulators charged with enforcing these new laws. As a result, public companies that rely on a manual, paper-based expense reporting process may be at risk when it comes time to certify the adequacy of their internal controls, as such manual processes increase the risk of inaccurate financial data and user manipulation.

"Expense management automation improves a company's ability to report that appropriate internal controls are in place and that employees are in adherence with defined policies and procedures," said Steve Singh, chairman and chief executive officer for Concur Technologies, Inc. "Our Corporate Expense Management solutions, coupled with the Concur Compliance Solution, provides companies with the confidence that their expense management system is reliable and accurate, and that its assets are adequately safeguarded, all of which position the company and its management to provide favorable certifications and reports under the Sarbanes-Oxley internal controls reporting requirements."

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