New Prodiance White Paper Addresses Recent Guidance from the Institute of Internal Auditors for Auditing and Controlling User-Developed Applications

Pleasanton, Calif. and London – July 26, 2010 – Prodiance Corporation, a leading provider of Enterprise Risk Management (ERM) solutions, today announced the release of a new white paper that summarizes how the Prodiance Enterprise Risk Manager (ERM) system and associated professional service offerings enable organizations to fulfill the IIA’s guidelines for identifying, monitoring, and controlling mission critical User-Developed Applications (UDAs). The new, complimentary white paper is entitled Addressing Guidance from the IIA’s GTAG-14 for Auditing User-Developed Applications and can be downloaded from the Prodiance.com web site.

Addressing Guidance from the Institute of Internal Auditors
According to the newly released Global Technology Audit Guide (GTAG®) 14: Auditing User-developed Applications from The Institute of Internal Auditors: "User-developed applications (UDAs) typically consist of spreadsheets and databases created and used by end users to extract, sort, calculate, and compile organizational data to analyze trends, make business decisions, or summarize operational and financial data and reporting results. Almost every organization uses some form of UDAs because they can be more easily developed, are less costly to produce, and can typically be changed with relative ease versus programs and reports developed by IT personnel" [1].

The GTAG 14 is careful to point out that "once end users are given freedom to extract, manipulate, summarize, and analyze their UDA data without assistance from IT personnel, end users inherit risks." These risks include errors in UDA logic (e.g. honest mistakes), non-compliance with regulatory mandates, and even fraud – all leading to a high likelihood of material errors. GTAG 14’s primary emphasis is to provide direction to internal auditors on how to scope an internal audit of UDAs and assist management with developing an effective UDA control framework. It also outlines other considerations that internal auditors should address when performing UDA audits, including functional requirements for best-of-breed tools, and best practices for controls over UDAs.

"Prodiance has worked closely with leading audit firms and professionals over the past several years to ensure that our suite of products and services are very closely aligned with the latest guidance," said Dr. Soheil Saadat, President and CEO at Prodiance Corporation. "This new white paper provides an outline for how the Prodiance Enterprise Risk Manager system and associated professional services enable organizations to satisfy the latest guidance from the IIA while mitigating the risk of errors and facilitating compliance with the latest regulatory mandates for controlling mission critical UDAs."

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