The value of your GEMS database can be reduced if the data you hold for your legal entities is out of date or inaccurate. Coordinating your GEMS users in regular and automated audits of your legal entity data is possible using the GEMS Verifications Module. The Audit Manager/GEMS Administrator can quickly and easily separate out audit duties and legal entities among designated GEMS Users. Whether you prefer to audit all or just a representative sample of your legal entities, the GEMS Verifications Module can fill your needs.

At all stages of the legal entity’s progress through an audit, the verification status of the entity is automatically updated and color-coded to appear alongside the entity for easy reference.

At the start of each new audit, all legal entities are reset to Amber unless the system option “Retain UnVerified Entity status from most recently Completed Verification for next Verification” (found under Admin > GEMS Settings > System Management > Options > General) is enabled. If this option IS enabled, entities that were Red in their last completed audit remains so going into the next audit.

The GEMS Verifications module provides flexibility to configure and conduct an audit of any duration, e.g., monthly, quarterly, annually or bi-annually, etc. In addition, you can customize the date-driven email that the system will automatically send to the audit participants prior to important audit milestones or deadlines.

GEMS places no restriction on the number and timing of audit events you wish to conduct. You can run multiple audits on the same entities simultaneously. This allows you to run audits of different types and on different set of data at the same time. For instance, if you wish to audit the appointments information for a set of entities annually and you also want to audit the shareholder/stockholder information once every quarter, you can set up separate audits covering the same period for the same entities.

By default, GEMS is scheduled to process the distribution of audit email reminders and escalation of unverified legal entities once daily at an off-peak hour, but reminders will only be sent on the day that they are configured to be sent in the Audit settings.

However, should the need arise, the Audit Manager (GEMS Administrator) can intervene in the scheduled processing by choosing the Process Verifications Now option from the Manage Verifications panel menu.

GEMS permits changes to be made to the audit process once it has begun.

Changing Dates: After an audit has started, you can change the date at which future events in the audit are configured to occur, but past dates within the audit cannot be changed.

Deleting an Audit: You can delete an audit mid-way through its progress if you wish. In this event, the verification status of all legal entities participating in the audit will revert to those of the previous audit.