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In 1918, Nitto Denko Corporation was established in Tokyo. The global company was founded in order to produce electrical insulation materials and in the 100+ years since, it has grown into a leader in the environmental solution markets in optronic, life sciences, energy materials and industrial spaces. Part of the company’s proprietary technology is the ability to turn ocean water into clean drinking water. Headquartered in New Jersey and established in 1968, Nitto Inc. (Nitto) is the U.S. subsidiary of the Japanese parent company. Due to J-SOX requirements, each month the accounting team had to prepare hundreds of reconciliations on spreadsheets and paper, scan the supporting evidence, and when necessary, ship the reconciliations across the country. The manual nature of the month-end close was not conducive to maintaining the highest levels to J-SOX internal controls. The audit resulted in multiple findings, including: • Incomplete supporting documentation • Missed deadlines • Lack of evidence of review • Inability to locate reconciliations timely Read on to learn how ART by SkyStem helped Nitto address these issues and acheive a streamlined month-end close. |
