With advice from KPMG, IBM will design Lotus Workplace for Business Controls and Reporting. The tool combines IBM's software, consulting and service capabilities with KPMG's knowledge of internal controls. The product is intended to provide a foundation for a company's financial reporting processes and an organized approach to gather information about internal controls.

 

In support of this agreement, IBM's Business Consulting Services will offer its portfolio of financial management consulting services to assist clients with financial controls and business reporting. KPMG offers companies its internal control advisory services to assist companies in  understanding and improving  their internal controls and reporting processes.

"Companies are increasingly challenged to report their financial results in a clearer, faster and more cost-efficient way," said Timothy Flynn, KPMG's Vice Chair of Audit and Risk-Advisory Services. "At the same time, companies need to comply with a continuing flow of changing regulatory demands -- and therefore need to 're-architecture' their financial reporting processes. This new tool combines IBM's diverse scope of technology and client support with KPMG's deep industry insights to help companies understand their internal controls, with an aim toward cost-effectively improving their financial reporting processes."