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PLATFORM

Overview

Audit, Risk & Compliance software that works the way you aspire to

Pricing

Annual Pricing that is affordable and transparent

MODULES

Business Continuity

PCI

Cyber Security & Data Privacy

Vendor Management

ESG

Compliance

Risk

Controls

Audit

Efficient GRC Management

OPAL streamlines your GRC processes, making risk, compliance, and controls professionals more effective.

Create by Experts

Developed by experienced risk, audit, and compliance professionals, OPAL offers a product with the features you need.

Comprehensive Functionality
OPAL provides a wide range of features to address your GRC requirements.

Comprehensive Functionality

OPAL provides a wide range of features to address your GRC requirements.

Straightforward Pricing

We don’t charge by the module. Clients can access all the features, including future features, without incremental costs. Pricing is transparent, based only on core user count.

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FRAMEWORKS & STANDARDS

Data Privacy

Cyber Security

Technology

Risk Management

Compliance

Financial Reporting

INDUSTRIES

Telecommunications

Media & Entertainment

Mining & Natural Resources

Industrials & Manufacturing

Real Estate

Financial Services

Energy

Consumer Goods

E-commerce

Healthcare & Biotechnology

Technology

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Financial Reporting

Here is a list of commonly used financial reporting controls frameworks that organizations utilize to ensure the accuracy, transparency, and compliance of their financial reporting:

COSO Internal Control – Integrated Framework
Published by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), this is one of the most widely recognized frameworks for financial reporting controls. It provides a model for designing, implementing, and conducting internal controls and assessing their effectiveness. The framework consists of five components: Control Environment, Risk Assessment, Control Activities, Information & Communication, and Monitoring. Key Focus: Mitigating risks in financial reporting, preventing fraud, and ensuring regulatory compliance.
Sarbanes-Oxley Act (SOX) Compliance
SOX is a U.S. law that mandates strict financial reporting controls and corporate governance for publicly traded companies. Section 404 of SOX requires management and external auditors to assess the effectiveness of a company’s internal controls over financial reporting (ICFR). Companies are required to document and test these controls, making it one of the most stringent frameworks for financial reporting.
Key Focus: Establishing a system of internal controls to prevent fraud and ensure financial statement accuracy.
International Financial Reporting Standards (IFRS)
The IFRS is a globally recognized framework set by the International Accounting Standards Board (IASB) that provides rules and guidelines for financial reporting. While not specifically a controls framework, IFRS sets the standards that require companies to implement controls to ensure accurate financial reporting.
Key Focus: Ensuring consistent and transparent reporting of financial performance across international borders.
US Generally Accepted Accounting Principles (GAAP)
GAAP provides a standardized set of accounting principles, rules, and procedures used in the preparation of financial statements in the U.S. Though primarily an accounting framework, it includes principles that guide the establishment of controls to ensure compliance with financial reporting requirements.
Key Focus: Governing financial reporting and control standards for U.S.-based companies.
PCAOB Auditing Standards
The Public Company Accounting Oversight Board (PCAOB) sets standards for auditing public companies in the U.S. These standards require auditors to assess internal controls over financial reporting, in line with SOX requirements.
Key Focus: Ensuring that independent audits provide an accurate reflection of a company's financial health.
Basel Framework (Basel III)
While primarily focused on financial institutions, the Basel III framework includes guidelines for maintaining robust internal controls over financial reporting, especially related to risk management, capital adequacy, and stress testing.
Key Focus: Internal controls related to financial risk, capital adequacy, and financial disclosures.
COBIT (Control Objectives for Information and Related Technologies)
COBIT is a governance framework developed by ISACA that integrates IT with financial reporting controls. It provides guidance on how to align information technology (IT) systems with business processes, including internal controls over financial reporting.
Key Focus: Ensuring IT systems support effective internal controls and financial reporting.
Integrated Reporting Framework (IR)
Integrated Reporting focuses on combining financial and non-financial data (such as environmental, social, and governance factors) to provide a holistic view of a company’s performance. Though not exclusively a controls framework, it requires robust systems for managing and reporting accurate and timely financial information.
Key Focus: Merging financial and sustainability data to provide comprehensive reporting.
International Standards on Auditing (ISA)
ISA are auditing standards issued by the International Auditing and Assurance Standards Board (IAASB). These standards guide auditors in assessing internal controls over financial reporting during an audit, similar to PCAOB standards in the U.S.
Key Focus: International standards for the audit and verification of financial reports and internal controls.
The UK Corporate Governance Code
The UK Corporate Governance Code applies to companies listed in the UK and outlines principles for corporate governance, including financial controls. It emphasizes internal controls over financial reporting to ensure the accuracy of financial statements and compliance with regulatory requirements.
Key Focus: Strengthening corporate governance and financial reporting accuracy.
These frameworks provide organizations with comprehensive guidance on establishing and maintaining internal controls to ensure accurate, transparent, and compliant financial reporting. Many businesses use a combination of these frameworks based on their regulatory environment and business needs.