Oversight Systems Launches Oversight 4.2 with Automated Continuous Monitoring for Stock Option Grants & Administration

Automated controls to ensure proper execution & accounting for employee options.

Atlanta, GA (PRWEB) September 19, 2006 -- Oversight Systems Inc. today announced automated continuous monitoring for corporate equity management and stock option grant programs. Oversight 4.2 continuously monitors the transactions and activities in HR, accounting and stock option administration systems to ensure compliance in every step of the process for granting, executing and accounting for employee stock options

“The recent headlines of backdating and manipulating stock option grants have incited increased attention from auditors and regulators,” Oversight Systems CEO Patrick Taylor said. “Oversight provides the complete solution for companies to certify the compliance of their stock option grant procedures.”

The recent headlines of backdating and manipulating stock option grants have incited increased attention from auditors and regulators

Typical controls over stock option compensation are manual because the process crosses heterogeneous systems and multiple sources of information. Oversight provides automated controls across all systems involved in the equity compensation process. Oversight integrates directly with equity management systems, HR systems and the general ledger to identify discrepancies, such as:

• Vesting dates that are inconsistent with employment or grant dates
• Grant dates that fall outside of board meetings
• Strike prices that vary from the stock price on the grant date
• Grant dates that precede an employee’s hiring
• Unqualified options exercised without the required withholdings for tax and FICA
• Journal entries for options expenses that are inconsistent with the equity management system
• Exercised options without a corresponding journal entry

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