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iLumen, Inc.
Phone: 404-446-1613
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Press Release

iMonitor Improves Accounting Profession's Capabilities To Comply With Sarbanes-Oxley, SAS 99 And SAS 100
ATLANTA, GA, December 9, 2003

iLumen Incorporated, a financial information and technology company headquartered in Atlanta, today detailed how the company’s iMonitor® financial monitoring and benchmarking network improves the oversight capabilities of CPA firms to aid in compliance with Sarbanes-Oxley and the new Statement of Auditing Standards (SAS) guidelines. iMonitor is a web-based system that streamlines the gathering and transmission of private company financial data, along with producing real-time analysis and benchmarking.

Sarbanes-Oxley, SAS 99 and SAS 100 mandate the implementation of requirements and guidelines for gathering and conducting analysis of financial reporting data for both private and public companies. iMonitor aids in compliance with Sarbanes-Oxley and SAS by reconnecting CPAs and their clients with periodic financial data, performing financial analysis and by sending threshold-based e-mails alerts to apprise the accountant of problem situations, tax issues or opportunities.

“Central to compliance, both with the letter and intent of Sarbanes-Oxley and the SAS guidelines, is that CPAs become more closely involved with interim financial information,” said Robert H. Woosley, a CPA and chief executive officer of iLumen. “iMonitor is the first commercially viable technology that automatically provides monthly oversight of a client’s financials. It enables accountants to transform the audit process from a yearly undertaking to a continuous interaction. This increased visibility facilitates oversight of reporting accuracy and minimizes year-end surprises.”

“For today’s CPA there is a higher degree of responsibility in identifying financial relationships and trends that could indicate unusual activity or fraud,” Woosley continued. “CPAs face increasing responsibilities as regulations and professional standards require greater oversight of the audit and attest process. In the future there will be a clear difference between CPA firms that proactively receive and analyze interim client business information and those that do not.”

iMonitor automates the comparison of a company’s financials with both prior period results and an industry average. Uncharacteristic patterns can be readily detected and the CPA is alerted. The alerting system provides an exception-based method for informing the accountant of their clients’ status and acts as a catalyst for interaction and timely correction.

About Sarbanes-Oxley, SAS 99 and 100
The Sarbanes–Oxley Act contains provisions addressing both corporate and auditor responsibilities with increased responsibility for monitoring client’s financial information and detecting fraudulent representations.

SAS 99 and SAS 100 include guidelines and rules for CPAs in conducting audits. SAS 99 was issued for the consideration of fraud in financial statement audit. It describes a process in which the auditor gathers information needed to identify risks of material misstatement due to fraud, assesses these risks after taking into account an evaluation of the entity’s programs and controls and responds to the results.

SAS 100 relates to a CPA’s review of interim (quarterly) financial information for a public entity. Under SAS 100 CPAs are required to perform detailed analytical and inquiry procedures on financial data and develop reasonable expectations of company financial performance by identifying and using plausible relationships that are reasonably expected to exist based on the understanding of the client and the industry in which it exists.
About iLumen
iLumen, Inc. is a financial information technology company that delivers and manages private company data gathering and analysis solutions designed to solve critical problems in risk management, financial compliance and financial oversight within the banking, accounting and corporate environments. iLumen's services are based on a proprietary (patent pending) data warehousing engine known as iMonitor® that automates and standardizes the gathering, mapping, analysis and benchmarking of electronic accounting data from private companies.

For more information visit www.ilumen.com or call 404-446-1600. iLumen™ and iMonitor® are trademarks of iLumen, Inc., all rights reserved.
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