Internal Reporting, Procedures & Control Efficiency with ... · months for an ERP implementation in...
Transcript of Internal Reporting, Procedures & Control Efficiency with ... · months for an ERP implementation in...
Internal Reporting, Procedures & Control Efficiency with Microsoft
Dynamics NAV
Sotiris Moschovos, Internal Auditor, Starbulk Carriers Corp.
∗ Starbulk Carriers Corp. is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.
∗ Its common stock trades on the Nasdaq Global Market.
∗ An operating fleet of 15 dry bulk carriers. ∗ 9 third party dry bulk vessels under management. ∗ Agreements for the construction of 9 fuel efficient
dry bulk vessels, to be delivered 2015 and 2016
Starbulk Carriers Corp.
∗ Plan Maintenance, Purchasing, Financial, Crew and Revenue & Expense Ledger modules went live on time in only 3 months, complete with data migration from legacy systems.
∗ Freight Collection, Vessel Operations and ISM modules live within the following month.
∗ Completion of project with a Business Intelligence (BI) tool scheduled for January 2014, setting a record time of 10 months for an ERP implementation in the shipping industry.
Microsoft Dynamics NAV Maritime Solution
∗ Authorization and Security
∗ Validity
∗ Precision
∗ Safeguarding
Control Efficiency for financial information
Authorization and Security using Microsoft Dynamics NAV
Roles for specific areas and tasks,
and Limiting Accessibility
∗ Application Controls and Data Validation
Validity using Microsoft Dynamics NAV
Precision using Microsoft Dynamics NAV
Safeguarding using Microsoft Dynamics NAV
Safeguarding using Microsoft Dynamics NAV
Safeguarding using Microsoft Dynamics NAV
Procedures: Workflow Approval
Workflow Approval Rules per Document Type
type
Workflow Roles per Company
Procedures: Alert and Notifications
Notification Messages
Alerts
Special Features to ensure timely and accurate Financial Reporting:
∗ Multilevel intercompany transactions. ∗ Automated realized exchange difference calculation. ∗ Revenue & Expense Allocation. ∗ Automated Commitment Entries. ∗ Automated Accrual Entries
Special Features
Revenue & Expense Allocation
Automated Commitment & Accrual Entries
Internal Reporting
Second Level Internal Reporting
Third Level Reporting
∗ Our Internal Controls and Processes have not been altered due to the change in system.
∗ External Audit completed regarding our 3rd Q Financial Results with no issues identified.
SOX Compliance