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How to find efficiencies in your SOX and audit processes

SOX
Audit
Internal Audit
How to find efficiencies in your SOX and audit processes
2 min read
Published: June 7, 2016
Last Updated: April 25, 2023

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.

About the Author
Mitz Banarjee
Mitz Banarjee

EVP, Chief Customer Officer

As executive vice president and chief customer officer, Mitz Banarjee is a key contributor to the growth of Workiva’s customer base ensuring satisfaction, experience and retention are best in class. Mitz is an expert in leading teams and brings years of experience working with customers and building Workiva's customer success and services organizations. He joined Workiva in 2010 and has served in various leadership roles ensuring the exponential growth of the global business.

Mitz also oversees the Europe, Middle East and Africa (EMEA) business growth and alignment to company goals that capitalize on the market opportunity.  In addition to helping ensure the best customer experience and growth in EMEA, he also oversees the global administrative and facilities function for Workiva. Over the past 20 years, he has helped drive customer satisfaction and customer loyalty at an operational level for technology companies of all sizes.

Prior to Workiva, Mitz was director of client services at Yodle (acquired by web.com), one of the largest local ad networks in the United States. Mitz has a Bachelor of Arts in Information Systems from the University of Lincoln in Lincoln, England, United Kingdom.

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