FloQast has expanded its Strict Suite Controls to include 'strict tie-out' internal controls. This new feature prevents sign-off on reconciliations that are not tied out, even if the source data changes after initial sign-off.
Strict Tie-out Mode, the latest addition to its Strict Suite Controls, FloQast’s internal controls framework prevents sign-off on reconciliations that are not tied out, even if the source data changes after initial sign-off. As part of Strict Suite Controls, Strict Tie-out Mode helps organizations with increased compliance. Such strict compliance is essential for public companies or businesses in highly regulated industries.
Source: FloQast
FloQast_181116_Close-Locking
Strict Tie-out Mode helps organizations enforce segregation of duties between preparers and reviewers, and manage internal controls overall in order to meet compliance requirements such as the Sarbanes-Oxley Act (SOX).
Strict Tie-out Mode is a preventive control that blocks potential misrepresentations from creeping into financial statements before they occur.
Source: FloQast
FloQast_181116_Materiality
With Strict Tie-out mode, if a signed-off reconciliation falls materially out of balance, any current sign-offs are suspended and assignees are notified that the account needs to be reviewed again, with new sign-offs required.
FloQast_181116_Notification
Additionally, a secure audit log is maintained so accounting team management and auditors have a complete record of all activity - including what changed, when it changed, and how the chain of sign-offs was affected.
Strict Suite Control features including strict sign-off and strict folder locking restrict sign-off ability and insure that work is not 'locked' until everything has been signed-off properly and that all requisite preparers and reviewers have completed all close checklist items.
Source: FloQast
FloQast_181116_strict-tie-out
Mike Whitmire, CPA, CEO and co-founder of FloQast told Insightful Accountant, "Our Strict Suite Controls have particular appeal to those organizations with increased compliance needs or face a more stringent internal control environment...”. He went on to say, “Our innovation around stricter controls is valued most by public companies, those planning to go public or companies with operations in highly regulated industries. But any company will benefit from systematic controls that assure the accuracy of financial statements.”
FloQast Strict Tie-out Mode is part of the Strict Suite Controls and is available today. FloQast Strict Suite Controls are included at no additional charge in the Business, Corporate and Enterprise Subscription Plans. To learn more about FloQast Close Management Software and how it can help increase your organization’s close accuracy and accountability, visit the FloQast products website.