Approva Corporation - Continuous Controls Monitoring Software

Approva’s Approach

Approva provides a continuous auditing solution that automates the way controls are tested and monitored for major financial applications. Approva increases the frequency with which tests are performed while expanding the the breadth of data that auditors test. By automating the testing of system configurations, user access rights, master data and transactions across business systems, Approva increases the quality of audits while freeing auditors to conduct more value-added audits.

Key Benefits

Reduced Audit Cost

Reduce audit testing time by up to 75% for critical systems and business processes. Approva eliminates the need to re-perform most point-in-time audit tests once continuous monitoring is in place. Save valuable time for busy auditors, reduce travel requirements and improve retention and job quality.

Improved Audit Quality

Move from sample-based testing to monitoring full populations of data and identifying all exceptions. Ensure consistency of testing processes and enable auditors to focus time and attention on the most important business areas. Approva enables real time disclosure in the reporting cycle.

Improved Operational Effectiveness

Maintain your audit department’s independence while still providing managers visibility into potential business risks or problems early so they can take appropriate action. Improve cash flow by identifying best practices and non-compliance with corporate policy (e.g. payment terms) resulting in optimized business processes.

Reduced Fraud Risk

Prevent occupational fraud including collusive fraud by creating a perception of monitoring. The Association of Certified Fraud Examiners (ACFE) estimates that fraud costs 5% of annual revenue, on average. Eliminating just 10% of this cash leak can result in significant savings.