Compliance overview

Compliance is key to build trust in accounting data. So, we decided to connect the concepts to the configurations within Sage Intacct to make it easy to understand the compliance topic and the associated setup options.  Leveraging the experience of global audit experts, we've outlined key areas related to governance, risk, and compliance to provide considerations and guidance that you can apply to your internal control and reporting procedures. Using this information, you can learn how Sage Intacct configurations align with audit considerations and compliance needs.

Best practices

Best practices for compliance vary widely across organizations due to differences in industry practices, maturity, size, and complexity of business operations. As organizations grow and scale, they need to further strengthen core systems, processes, and controls to meet the needs of an increasingly complex business environment, which might include:

  • Enhanced regulation and compliance requirements
  • Organizational complexity
  • Increased stakeholder attention
  • Data-driven reporting requirements
  • A need for robust and effective governance
  • Rigorous auditor scrutiny

Considerations

Depending on geographic location, industry, and finance requirements, an organization might be subject to Generally Accepted Accounting Principles (GAAP), the Sarbanes-Oxley Act (SOX), the International Financial Reporting Standards section of the European Union's International Accounting Standards (IAS/IFRS), General Data Protection Regulation (GDPR), and more.

Many organizations will undergo an external audit, either as a compliance requirement or in preparation for certain types of business transactions. The primary purpose of an external audit is to enhance the credibility of an organization by attesting to its financial health. An external audit refers to the examination or scrutiny of financial statements of an organization by an independent body, which can produce several results:

  • Independently verified financial statements and information for an organization’s shareholders, board, lenders, investors, customers, funders, donors, and other key stakeholders
  • Independent assurance over the design and operating effectiveness of an organization’s system of internal controls
  • Identified risks and opportunities to enhance an organization’s compliance with its legal and regulatory obligations
  • Preparation for due diligence when planning a transaction, such as a merger or sale of the business

Sage Intacct is designed with compliance in mind. The platform and application functionality make it easy for you to adhere to compliance and regulatory legislation. You can also institute business practices and controls that help to ensure the accuracy of financial statements, reduce effort during audit engagements, and protect your organization and its stakeholders from lawsuits, fraud, cyber-attacks, and more.