Oversight Systems Sponsors Knowledge Congress Teleconference on Audit Standard 5

Business Wire, Oct 24, 2007

CEO Patrick Taylor Joins Panel of Regulatory Experts and Thought Leaders to Help Attendees Understand New Compliance Implications

ATLANTA -- Oversight Systems, the leading provider of automated continuous monitoring solutions, today announced that it is pleased to sponsor the Knowledge Congress' groundbreaking live teleconference on Audit Standard 5, to be broadcast Thursday, October 25, 2007, from 1:00 to 3:00 pm Eastern time.

Because of the strict and costly compliance brought by the implementation of Sarbanes-Oxley Act Section 404 to most companies, the Public Company Accounting Oversight Board (PCAOB) adopted a new internal control auditing standard commonly known as AS 5, which was approved by the Securities and Exchange Commission (SEC). This new Auditing Standard, which replaced the older Auditing Standard No. 2, will implement Sections 103 and 404 of the Sarbanes-Oxley Act. The Knowledge Congress has assembled a panel of experts to help make the impact and implications of this new regulation clear to the companies that are governed by it.

The panel that will explain the new guidance consists of the most qualified key regulators and thought leaders from government and industry organizations. Oversight Systems CEO Patrick Taylor joins panelists from the United States Securities and Exchange Commission, the PCAOB, KPMG LLP, RSM McGladrey and FTI Consulting. Attendees will hear from each of the panelists regarding various considerations and aspects of the new regulation, and then will have the opportunity to Interact directly with the panel during an open question and answer session.

"Based on the guidance they received with the introduction of the SOX in 2002, companies began factoring a compliance check list into almost every process," Taylor said. "Controls were designed to cover every possible source of financial reporting fraud. As these controls became more cumbersome, companies found it more and more difficult to comply with SOX regulations--and still, they failed to prevent the fraud these requirements were supposed to address, as evidenced by recent headlines regarding financial misstatements and deceit on the part of some very high-profile corporations."

Taylor will advise attendees on best practices for taking advantage of the new, more practical AS 5 guidelines to successfully combat fraud in documented areas of highest risk: improper General Ledger transactions, revenue recognition and management override of controls.

For more information about the teleconference, or to register, visit http://www.knowledgecongress.org/2007.AS5.htm.> About The Knowledge Congress

The Knowledge Congress was established in November 2005 with the mission to produce unbiased, objective, and educational live teleconferences that examine industry trends and regulatory changes from a variety of different perspectives. The goal is to deliver a unique multilevel analysis of an important issue affecting business in a highly focused format.

About Oversight Systems, Inc.

Oversight Systems takes continuous controls monitoring to the next level, with real-time transaction integrity inspection for identifying fraud, misuse and errors. Oversight's software provides a platform for continuous monitoring with powerful analytics that excel at finding problems, then raises the bar with an investigator's workbench for cost-effectively fixing the problem, and workflow-enabled audit trail and journaling for proving problem resolution and compliance. By inspecting each step of individual transactions across all financial systems, Oversight identifies all errors and fraud, drives defects out of the process, and sustains Sarbanes-Oxley compliance. For more information, visit www.oversightsystems.com.