Hertz 2014 Annual Report Download - page 220

Table of Contents

• Vice President, Accounting and Assistant Controller Global Fleet
• Vice President, Dublin Financial Shared Service Center
• Senior Director, Oklahoma Financial Shared Service Center
• Senior Director, Program Accounting
• Senior Director, Financial Reporting
• Director, U.S. Rental Operations Finance Consolidation and Analytics
• Director, Financial Systems
• Director, Technical Accounting
• Director, Corporate Accounting
• Director, Consolidations
• Director, Policies and Procedures
• Director, Global Procure to Pay
• Director, SOX Compliance
• Director, North America General Accounting
To assist in the restatement activities we augmented our personnel with qualified consulting resources and they will continue to be augmented by
the consulting resources for the remainder of 2015.
Further, in 2014, we reinforced the importance of adherence to established internal controls and Company policies and procedures through formal
communications, town hall meetings and employee trainings. To communicate a proper ethical tone and corporate culture, Hertz’s intranet website
provides information on our philosophy and values. These philosophies and values, in addition to being addressed at personnel meetings, are
periodically communicated to our employees via email notifications throughout the year.
In addition, we have established procedures for ensuring clear reporting structures, reporting lines, and decisional authority responsibilities in the
organization and have enhanced communications with our operational departments, accounting, Board and Audit Committee.
To address the material weakness over the non-fleet procurement process, we have strengthened processes and controls for manual accruals and
journal entries. In addition, we have enhanced an accrual methodology to ensure completeness over our non-fleet procurement liabilities.
To address the lack of training related to the implementation of our Oracle ERP system, in 2014 management engaged consulting resources to
assist in the following:
• Completed a library of training modules for the Oracle application;
• Completed a series of live trainings for Oracle users; and
• Implemented enhanced knowledge management tools and protocols.
Other activities completed in 2014 and 2015 related to the Oracle ERP system include:
• Established a Financial Information Systems Steering Committee co-chaired by the Chief Accounting Officer and the Chief
Information Officer to monitor activities and developments associated with our financial information systems;
• Established a data governance team to monitor activities associated with the data integrity of our financial information systems;
• Implemented changes within the Oracle application to enhance the quality of data and the timeliness of processing financial
results; and
• Implemented security rule changes to enhance the quality and timeliness of reported results.
208
Source: HERTZ GLOBAL HOLDINGS INC, 10-K, July 16, 2015 Powered by Morningstar® Document Research℠
The information contained herein may not be copied, adapted or distributed and is not warranted to be accurate, complete or timely. The user assumes all risks for any damages or losses arising from any use of this information,
except to the extent such damages or losses cannot be limited or excluded by applicable law. Past financial performance is no guarantee of future results.