FloQast has introduced Strict Tie-Out Mode as an addition to the close management software company’s Strict Suite Controls product, which provides a software framework for internal controls.
Strict Tie-out Mode prevents sign-off on reconciliations that aren’t tied out, even if the source data changes after initial sign-off. The new capability enhances FloQast’s other Strict Suite Controls to help public companies and organizations in highly regulated industries address their compliance requirements. The preventive control blocks potential misrepresentations from making their way into financial statements. With Strict Tie-out mode, if a signed-off reconciliation falls materially out of balance, any of the current sign-offs are automatically suspended and assignees are told the account needs to be reviewed again, and new sign-offs are required. The system maintains a secure audit log so accounting team managers and auditors get a complete record of all activity, including what changed, when it changed and how the chain of sign-offs was affected.
Strict Tie-out Mode and FloQast’s other Strict Suite Controls aim to help organizations enforce segregation of duties between preparers and reviewers, and manage internal controls.
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