A simpler way to comply with the latest audit and governance requirements

Complying with audit and governance requirements

MYOB Advanced now has a security module that offers flexible options around assigning roles, permissions and authorities. It also has audit features that will ensure compliance for your organisation.

As your company grows, the compliance requirements become more burdensome. Separation of responsibilities and delegated authority become commonplace. Without a robust and reliable way of auditing your processes, you increase the risk of non-compliance with audit standards. Malicious activity such as fraud becomes a real threat. Typically, these risks are associated with an overdependence on processes like manual data entry. As your organisation grows it will need to deal with a higher transaction volume. To ensure compliance and protect your organisation, you need a system that automatically tracks and monitors changes and incoming information and alerts you to any malicious activity.

MYOB Advanced is an ERP solution that has been built to ensure compliance and protect your systems and data with additional security. It allows you to build roles, permissions, authorities, and auditability to suit any organisation. With tightly configured approval maps, and the ability to automate your manual processes, you will do less data manipulation and more verification of completed work. This minimises the opportunity for fraud and decreases system errors.

Automated approval maps

Approval maps can be created across the MYOB Advanced system. At certain stages, for example creating a Purchase Order or AP Bill, the status will change to ‘pending approval’. Based on the flow of the approval map, MYOB Advanced will email specific individuals who have permission to make approvals. These maps can be configured to suit what is being approved the amount or the stage of the process. You can use Two-Factor Authentication (2FA) to increase protection of approval pathways. This ensures only an approver with the correct access is making the decisions, delivering complete control over your AP security.

MYOB Advanced also tracks all account changes, giving full visibility over everything that is happening across your system. If required, your dashboard screen can display a detailed audit table that shows all recent changes to selected fields. Any unauthorised change can be identified, investigated, and reversed.  For even greater security of your data, Row Level Security can be enabled. This restricts the visibility for each user down to the specific field.

Process automation

Automating your processes removes ‘the human element’ and improves security. Other benefits to automation are that your everyday repetitive tasks are completed automatically, on time, and correctly. One of the significant strengths of MYOB Advanced is in its workflow automation capability. It is MYOB Advanced’s capacity to automate processes as well as its detailed security that makes it a strong option for organisations with increased audit and governance requirements.

More information

If your organisation could benefit from leveraging the power of workflow automation to assist with compliance requirements, contact us today via phone 0800 436 774 or email.

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More Information

For more information, contact us.
One of our consultants can call or visit you to discuss your needs.

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