Peach, a compliance, risk and change management company in the UK, today released a unique Balance Sheet Process-Workflow (BSPW) framework for International Financial Reporting Standards (IFRS) account certification requirements.
The application operates in conjunction with Peachs certification scheme for software application vendors, service providers, banks and insurance institutions. The framework may considerably help these entities with their IFRS compliance, governance and risk management challenges and avoid costly penalties.
Peach links its compliance maps and audit checklist templates with the above process framework in order to integrate specific workflows into any IFRS rulebook and compliance systems regardless of type and vendor.
IFRS is an international requirement that requires corporate entities to report their financial affairs in a unified and standardised fashion to increase readability, transparency and integrity.
Accordingly, IFRS process workflows will be affected by and will affect Sarbanes-Oxley Act, Markets in Financial Instruments Directive (MiFID), Basel II Accord, Asset & Liability Management (ALM), Anti-Money Laundering (AML), and other related frameworks.
Instead of working in a silo, Peach applications help auditors, compliance officers, banks, financial institutions and solution providers to cross reference IFRS to the other relevant frameworks for overlaps.
Peach enables such corporate entities integration of IFRS with other self-attestation audit questionnaire checklists and processes, to avoid costly duplication or triplication of information and implementation costs.