Electronics firm selects compliance management solution from IDS Scheer; completes successful financial audit in offices in nearly 40 countries
Berwyn, PA — January 25, 2006 — Siemens AG, one of the world's largest electrical engineering and electronics companies, announced today that it has completed a successful financial audit using IDS Scheer's ARIS Audit Manager to address the requirements of the Sarbanes-Oxley Act (SOX).
Siemens said it completed the 120-unit audit that included offices in nearly 40 countries through the support of IDS Scheer process consulting experts.
IDS Scheer said ARIS Audit Manager is a Web-based compliance management solution that baselines, tests and certifies internal control systems (ICS). The workflow tool is designed to help organizations document their business processes and comply with legal requirements and guidelines such as the Sarbanes-Oxley section 404-certification, IKS, Basel II, Solvency II, Money Laundering Act and others.
ARIS Audit Manager is also equipped with tools to implement compliance requirements and internal inspection systems. Additionally, the solution includes the workflow software that tests and monitors the functionality of the internal inspection system and eliminates any weaknesses.
During the audit, IDS Scheer said its process consulting experts collaborated with Siemens worldwide to design and develop deficiency reporting. This functionality enhanced compliance efficiencies to such an extent that Siemens' external auditor, KPMG, also optimized ARIS Audit Manager to record all additionally identified control deficiencies.
The end result was a joint repository, created by both internal testers and external auditors that will be evaluated and rolled out throughout the entire Siemens global organization.
"The Siemens implementation has been mutually beneficial and we are pleased with the results of this successful financial audit. We have simultaneously provided a powerful global compliance tool and, in the process, expanded the functionality of our ARIS Audit Manager to become the only solution on the market to offer deficiency reporting," said Dr. Mathias Kirchmer, CEO of IDS Scheer for the Americas. "Our ARIS Audit Manager not only meets Sarbanes-Oxley certification but covers the entire SOX lifecycle from documentation to auditing and monitoring the internal control system."
Additional Articles of Interest
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