Benefits of Workiva for SOX and Internal Audit

 

Transcript

I'm the manager of internal audit. We do all of the SOX testing for our compliance. We also do all of our operational audits, and then we do management requests, so any special type of investigations or even just audits focused on a specific area. When I came on board, we were finishing up the audit year using those tools, Excel® and Word®. And you know it was difficult. It was crazy trying to keep track of everything.

Switching to Workiva for SOX compliance and internal controls

One of the things we were really excited about was the certification process. We were basically printing those off and taking them around and having people sign them. So, being able to instead send them out and have people electronically sign was really just a fabulous thing. It was also very user-friendly. It was fairly easy to learn.

We've transitioned over to the database. We started in the Editor. Really, just some of that workflow that's built into the testing, being able to send for review and return it, the drag for the attributes onto the support is really nice, and the PBC function is just fabulous.

There's been a lot of benefits. We saw a significant decline in the time it took to complete our testing, even on the editor side, which didn't have quite as much functionality as the database side does. Again, the PBC requests—just not having to manage that outside of a system is wonderful. You can easily see where you are in the process for the PBCs, who has sent. You can send reminders. It's really a great functionality there. Really, just seeing your status at a glance in real time is a significant benefit. That transparency is a big thing.

If there's ever a kink, my CSM (Customer Success Manager) is my go-to person, and she is fabulous. And, actually, everybody that I've spoken with has been very helpful, very open to listening to what you have, not a mentality of shutting you down. That's been really a nice thing. Very responsive. In our company, it's been very helpful, that transparency that I talked about, being able to show the CFO at any point in time where we are in the process. Being able to see where we are in the process has had a significant impact.

Excel and Word are registered trademarks of Microsoft Corporation

Switching to Workiva for SOX compliance and internal controls

One of the things we were really excited about was the certification process. We were basically printing those off and taking them around and having people sign them. So, being able to instead send them out and have people electronically sign was really just a fabulous thing. It was also very user-friendly. It was fairly easy to learn.

We've transitioned over to the database. We started in the Editor. Really, just some of that workflow that's built into the testing, being able to send for review and return it, the drag for the attributes onto the support is really nice, and the PBC function is just fabulous.

There's been a lot of benefits. We saw a significant decline in the time it took to complete our testing, even on the editor side, which didn't have quite as much functionality as the database side does. Again, the PBC requests—just not having to manage that outside of a system is wonderful. You can easily see where you are in the process for the PBCs, who has sent. You can send reminders. It's really a great functionality there. Really, just seeing your status at a glance in real time is a significant benefit. That transparency is a big thing.

If there's ever a kink, my CSM (Customer Success Manager) is my go-to person, and she is fabulous. And, actually, everybody that I've spoken with has been very helpful, very open to listening to what you have, not a mentality of shutting you down. That's been really a nice thing. Very responsive. In our company, it's been very helpful, that transparency that I talked about, being able to show the CFO at any point in time where we are in the process. Being able to see where we are in the process has had a significant impact.

Excel and Word are registered trademarks of Microsoft Corporation

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