Harrogate, United Kingdom, September 08, 2006 --(PR.com
)-- CODA Group, the finance software specialist, today announced the launch of CODA-Control Architect for LSF (Loi sur la Securité Financière). It offers users a significant reduction in the level of effort and cost associated with complying with LSF regulations, and ensures best practice in the design of internal controls.
LSF, considered France’s equivalent of the US Sarbanes-Oxley Act, came into effect on 1 August 2003 and affects all stock exchange listed companies in France. It requires among other provisions that each issuer publishes a report on internal control and that the report must be made publicly available in France.
CODA-Control Architect is a specialist controls design tool, aimed at helping companies adopt best practice internal controls to comply with specific legislation. The first version of Architect delivered the successful SOXliteTM methodology developed by CODA’s partner, Control Solutions International (the internal audit and controls specialist). The latest version addresses the French law, which has been likened to Section 404 of the Sarbanes-Oxley Act. A template has been developed using best practice methodology, enabling users rapidly to create an effective set of processes and controls for ongoing LSF compliance, across the organisation.
The LSF edition of CODA-Control Architect is the latest of a range of solutions from CODA to support the design of controls and processes for forthcoming compliance legislation. Able to be up and running in just one day, it helps organisations to define the scope of the business processes affected, enabling them to set in place internal controls that ensure processes are visible, repeatable, and auditable. It can also be used to benchmark existing controls, identifying where the level of control is too great – imposing unnecessary restrictions and costs - or too weak.
CODA-Control Architect provides the logical starting point for compliance and is one in a set of three integrated process control tools that can be applied (either individually or combined) to support companies through the key stages of regulatory compliance – delivering best practice in the design, documentation, implementation and monitoring of regulatory compliance programmes.
The CODA-Control compliance suite offers simple, controlled compliance for a range of international corporate governance regulations, with minimum effort and expense. This is vitally important for small- and medium-sized organisations, as they increasingly fall under the provisions of legislation that can impose a significant financial and operational burden on them.
CODA creates, markets and implements a complete range of software systems designed specifically to meet the needs of Financial Directors and Finance Departments. These include financial management systems, analysis applications, and business process management and control software to implement compliance solutions. Its service oriented architecture also makes CODA software easy for clients and other vendors to integrate it with their business applications.
CODA was founded in 1979, has around 550 employees working from 13 global locations. CODA software is designed for multi-currency, multi-language, multi-country, multi-company and multi-site operations, and is used by around 2,600 medium and large organizations in a variety of markets and within public and commercial sectors.