Approva Corp. has introduced the latest version of its continuous controls monitoring and auditing automation software, Approva One.

The software aims to reduce auditing expenses and procurement costs by flagging company purchases that do not take advantage of preferred pricing arrangements with vendors or circumvent corporate policies. The software also identifies incomplete or inaccurate data that delays orders, and orders with prices that vary from official price lists or negotiated contract terms. The program also automates the manual testing of key controls and annual audit programs.

“Companies have all these controls that they have spent millions of dollars documenting, and they don’t have a way to cost-effectively monitor and test them,” said Approva vice president of marketing Michael Evans. “At the end of the day, they don’t know what’s happening with all these policies they’ve put in place.”

New features in the software include enhanced exception management capabilities, reporting, dashboards, risk scoring, audit tracking, and a new data browser.

Approva One is available as software that companies can install themselves inside their firewall, or in a Software-as-a-Service model that the company recently introduced, according to executive vice president Silas Matteson.

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