Sophisticated Audit Capabilities
Experience full visibility of what was changed, who made the change, and when it was made.
An audit trail refers to the documented flow of a transaction. Audit trails are used by both external and internal auditors to trace transactions through an accounting or procurement system, as well as by the accounting staff to track down errors and the causes of variances in the financial statements.
With any financial application, it’s imperative to be able to see and control changes. This is critical not only from a regulatory perspective, but also for risk management and fraud prevention. You need to know what people are doing within your organization’s financial applications and when changes were made. You must to be able to set appropriate limits on who can do what, where, and when — and then be able to track all changes.
Maintaining a detailed audit trail can protect your business from potential liability claims, help monitor data for security breaches, ensure proper protocols are followed, and demonstrate compliance.
Paramount WorkPlace provides robust and sophisticated audit capabilities across all activities, including requisition entry, purchasing, receiving and invoice entry. You can view a record or transaction and see every aspect of a change: which record was changed, what was changed, who made the change, and the date and time the change occurred. In addition, you can access the old value of the record in addition to the new value. You’ll also see the approval progression of transactions, including the approver and date and time and status of their action.
- Detailed transaction line and field level audit trail capabilities
- Detailed log of date, time, and user actions throughout the entire transaction lifecycle
- Track critical user, security and configuration changes with audit detail reporting
WorkPlace captures the details of changes made during the procurement cycle
Terms & Definitions
What is an Audit Trail:
An audit trail refers to the documented flow of a transaction.
What is Procurement:
Procurement is the act of obtaining or buying goods and services.