Pallas Athena Announces New Internal Audit Focus Group

Online, January 12, 2011 (Newswire.com) - Pallas Athena, a global Business Process Management and Software Solutions vendor, today announced the launch of a new Internal Audit Focus Group (IAFG). The new IAFG will play a central role in the future development of Pallas Athena's ReflectOne Audit Software Solution.

Pallas Athena initiated the IAFG based on an increased market demand for ReflectOne within the Internal Audit Industry. "We can see that our ReflectOne Audit Software Solution soon will be a world standard software product for Internal Audits", says Tobias Rother, CMO at Pallas Athena. "ReflectOne Audit makes a difference in improving operational performance audits in terms of time, quality and precision."

The IAFG founding members consist of Pallas Athena´s clients, key partners, as well as independent well-known Audit Experts, some of which have stated the following about ReflectOne's Process Mining Software Solution and the new IAFG.

Hans-Willi Jackmuth, Managing Director addResults, an independent Consultancy Organization for Internal Audit, GRC, Data Analytics and Fraud, states the following about Process Mining: "Process Mining will change the daily business within Internal Audit departments for good. I believe that in 2015 Process Mining will be a global standard technology."

Volker Panreck, Head of Internal Audit, ING-DiBa makes the following statement: "Process Mining empowers us to make a difference in auditing quality by providing better focus on possible risk, control and efficiency issues."

Gabriele Bolek-Fugl, Partner at an international Consultancy Organization has experienced Process Mining and says: "While at Deloitte we tested ReflectOne for Annual Reports as well as for special projects. We have realized that the usage of Process Mining saves lots of time and increases the level of transparency in processes thanks to the nice visualization capabilities. The animation view of the process flow enables the auditor to ask very efficient and thorough questions."

Rudolf Kuhn, CEO, ProcessGold says: "Process Mining is closing the gap between today's digital business environment and the classical internal audit approach like taking small samples and walk through. It empowers the auditors to identify quickly exceptions and suspicious cases out of millions of transactions and improving the quality of their work and saving resources at the same time."

Pieter de Kok, Partner, Coney says: "I am very excited to join the Internal Audit Focus Group. Pallas Athena's Process Mining Software Solution provides Internal Auditors true facts about process flows without going through interviews or walk-troughs. Crucial insight is provided by showcasing the factual operation of the process and the internal control setup, based on transactional data. From this point on, auditors in cooperation with key business process owners can work together in initiating enhancements in the process set-up and the internal control framework. The Process Mining solution can be used to revisit revised processes and internal control enhancements. Coney provides innovative mining and data analysis tools combined with auditing and risk management services. ReflectOne creates new opportunities which changes the way internal auditors will plan, execute, and report on the internal audit plan."

Notes from the Editor
Pallas Athena's ReflectOne Audit Software Solution is tailored to the Audit Industry needs. ReflectOne uses a Process Mining technique that can analyze an organizations "as is" processes and control structures automatically. Massive volumes of data, and not just sample cases in processes, can be analyzed within seconds. ReflectOne increases the effectiveness and efficiency in any process audit. ReflectOne Audit can create process animations, identify exceptions, check process validities and creates 100 % confirmation for an exact audit.