How to find efficiencies in your SOX and audit processes
Overall, the SOX and audit process at Republic Airways was time-consuming and costly, and Mike Beckner, Director of Financial Reporting, was faced with the decision to either keep internal audit in-house or outsource.
Before using Wdesk for controls management, Beckner used Word®, Excel®, and Vizio® to manage the SOX process. Using three individual, disconnected programs meant that any time a change occurred, it had to be made in each program.
Converting from three programs to one harmonized system produced greater accuracy. Beckner said, "By making sure the data is accurate and consistent throughout all the pieces, we have version control—which we never had in the past."
Through gaining multiple efficiencies with a variety of Wdesk features, time is allocated more wisely, and the team reports reduced costs, too. The company estimates the use of Wdesk has trimmed 20 hours off of its quarterly SOX review process. By integrating the process with Wdesk, Beckner and his team have saved enough time to provide more value to the company outside of SOX management.
The team also anticipates having external auditors in Wdesk will further reduce audit fees for the company in the long run. So far the airline has seen an increase in productivity from the financial reporting, SOX, and internal audit teams.