BROOKFIELD, Wis. (4/2/08)--Checkfree has launched an automated financial reporting control framework that can help organizations implement financial governance strategies and ensure regulatory compliance. CheckFree Account Certification helps organizations automate the scheduling, preparation, review, approval, analysis and auditing of reconciliation information--which is critical to financial close and period-end reporting. “Organizations increasingly have a lot at stake when it comes to regulatory compliance,” said Mark Cappell, CheckFree senior vice president and general manager of operational risk management. “The cost of non-disclosure is high and can lead to reduced shareholder value, loss of reputation, high audit fees and potential fines.” In a recent review of material weaknesses disclosed under Sarbanes-Oxley requirements, 20% of weaknesses were related to failures in account reconciliations, review procedures or compliance with control policies, Cappell added. Many businesses do not adhere to standard procedures, which can lead to internal fraud, untimely reconciliation of financial data and unreliable financial reporting, said Andy Mellor, CheckFree product manager of operational risk management. CheckFree, a unit of Fiserv Inc., is a core processor for financial institutions, including credit unions.