TechnologyProgress Software to offer ‘instant’ audits

Progress Software to offer 'instant' audits

Deal with Microsoft pushes event processing into financial services and opens door for use by accountants and auditors

Event processing, a technology which enables businesses to track thousands of
transactions in real time, could soon be used by accountants to conduct
‘instant’ audits following a deal between Microsoft and Progress Software, the
owners of the Apama event processing platform.

The technology has mainly been applied to retail, transport and manufacturing
businesses, but the deal between
Microsoft
and Progress will see the technology used to monitor thousands of share and
securities trades in the financial services sector, opening up the possibility
of use by accountants and auditors.

The deal will see Apama integrated with Microsoft operating systems and
software, and will be used by financial services companies to comply with the
new markets in financial instruments directive that will be introduced in the EU
in November.

Mark Palmer, vice president and general manager of the Apama Division of
Progress Software, said the use of Apama to comply with
Mifid had generated interest from auditors, who have been
exploring ways to deliver a vision of real time, instantaneous financial
reporting.

‘There is a lot of interest in this area. The applications for event
processing software are numerous, and the use of
Apama to
comply with Mifid has demonstrated this,’ Palmer said.

Further reading:

Corporate governance: Day in day out

The Big Four wants real time reporting

Real-time a paperless goal

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