Eliminating Consulting Costs and Errors on SOX Documentation
- After a large corporate restructuring, many of the team's processes were centralized, which made a huge overhaul for SOX controls and documentation. The group was having a hard time with consistency amongst SOX controls, which led to deficiencies.
- There was no shared drive being used, beyond SharePoint® for site work documentation, so working together on documentation meant a string of emails with file attachments. Past documents were easily lost and never recovered.
- A large portion of the process was being outsourced to a variety of external consultants, which was costing the healthcare company a large sum of money during a time of growth.
- Version control was a problem for the team. The group was using Microsoft® SharePoint, Word, and Excel.
- After speaking with another Wdesk user about her experience with the SOX solution, the new VP of financial reporting decided to test out Wdesk on the company's most risky and complex revenue cycle.
Why Wdesk works for the financial reporting team
- The CFO was familiar with Wdesk because of its use for the company's SEC reporting, so he approved the implementation of the Wdesk for SOX after hearing about the improved SOX documentation and efficiency.
- All documents live in the cloud-based platform. There are no longer extensive searches for files because all control information is found in one central, organized place.
- The team has eliminated all but one of its external consultants for testing without hiring any more employees internally. Wdesk has replaced nearly all outsourcing.
- Linking has significantly increased the accuracy, consistency, and efficiency across SOX documentation, and management noticed a decrease in the hours spent working on SOX documentation.
- Employees have learned the Wdesk platform quickly. The user-friendly interface is also used by external auditors and a company consultant—streamlining the entire collaboration process and reducing the amount of time spent on SOX.
- Dashboards are easily constructed and linked to data in other documents and spreadsheets. This makes putting together presentations for the audit committee and board of directors simple.
- The company has saved $38,000 on consulting fees so far. Less assistance is needed to roll out SOX reports with the resources available in Wdesk.
- The year prior to using Wdesk, the company had four deficiencies throughout SOX testing. This year the company had zero deficiencies detected after implementing Wdesk. The VP stated, "Our controls aren't vitally different or better, but the consistency and operating effectiveness among our controls is better."
- Dozens of hours have been saved on the testing process, and the team now creates charts it never had time to make prior to Wdesk. Linking data has helped the company's testing process become much more efficient.
- The VP of financial reporting feels at ease sending management certifications to the company's CEO and CFO to sign off on internal controls as he's positive the findings are consistent and accurate on SOX certifications.
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