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    D Purcell
    Oracle Cloud Financials & Smartview IPE External Audit...
    Topic posted December 5, 2018 by D PurcellRed Ribbon: 250+ Points, last edited February 6, 2019, tagged Compliance, Financials, Fusion, General Ledger, Public Sector, Reports 
    114 Views, 3 Comments
    Title:
    Oracle Cloud Financials & Smartview IPE External Audit Concerns
    Summary:
    Smartview IPE Data Extraction Concerns
    Content:

    Hello Community,

    As part of our annual audit, our external auditors have raised a controls concern where completeness and accuracy around Information Produced by the Entity (IPE) “could occur” or “is possible” with the use of Smartview as follows:

    Data Extraction and Manipulation Concerns/Risks

    • Data is not accurately manipulated and presented as expected, including due to improper parameters entered by the end user

    • Report does not represent a complete population

    • Report is intentionally or unintentionally altered after being prepared

    We have reviewed Oracle’s SOC 1 as it relates to Smartview but unfortunately there is no language supporting the review of the tool.

    In working with our external auditors GRC team (Governance Risk & Controls Team, i.e. Oracle experts at the firm) they recommended the following approach for us to document our Oracle Smartview extraction concerns:

    • Document that there is a limited risk profile present with Smartview because we do not have access to back-end coding and configuration.  This is a 3rd party, cloud-based solution where are resources cannot make changes to coding that could create extraction risk.

    • Run sample queries, annually, and tie them back to “front end” data or reports.

    My question to the Oracle Community is if anyone here has had similar concerns raised by their external auditors as it relates to Oracle Cloud Financials and the use of Smartview. Any and all feedback would be greatly appreciated.

    Thank you

    Darrell

    Version:
    R13, Smartview Add-In

    Comment

     

    • Lori Culp

      Hi Darrell,

       I have worked with Smartview and with two big four firms for over 10 years and no one has raised concerns over Smartview.  

      I will clarify by saying that we do not use Smartview output as a stand alone public record source.   Rather Smartview is used to support other record sources or to allow users quick access into the data and to slice and dice it to meet their needs.   For example, if we run an consolidating balance sheet, we can use Smartview to validate specific account balances or drill down into further detailed transactions. 

      Our current auditors have us validate all public record reports at least once a year or when a structural  change occurred. We do this validation against the delivered trial balance as well as Smartview.  

      Hope this is helpful.

      Lori

      • D Purcell

        Lori,

        Your response was very helpful!

        After discussions internally and with our external partners we are taking a very similar approach.

        Thank you

        Darrell

         

    • Subhash Valiveti

      Hi Darrell,

      If we read the details about Smartview as a tool, it is not a reporting tool for generating Board-presentable financial reports. Smartview is more a analysis tool to troubleshoot or dig/drilldown into details of GL transactions or as a quick listing report.

      Oracle recommends FRS (Financial Reporting Studio) as the reporting tool to generate Financial Statements.

      We need to present the tools with proper categorizations with the auditors so that they don't raise such concerns with SmartView.

      Regards,

      Subhash