Internal Audit Executive Adds Value with Workiva
Again, everything is in Wdesk. So, I've got my audit risk assessment. My annual risk assessment is in there, which then drives my budget. We've got our time summaries in there. So, when I do actual versus budget to see progress towards plan, that's all in Wdesk.
So, being able to take these different spreadsheets and link them and put them into one graph allows me to give my audit committee—and myself—a KPI dashboard with graphs. So, I've got a graph of root-cause analysis. I've got a graph that shows actual versus budget by audit. I've got a graph that shows the severity of comments on a pie chart, so how many high, moderate, low across all audits, and then a stacked bar chart that shows where they are.
Once this is all linked and pulled in, it updates automatically.
A lot of the off-the-shelf audit software that we were looking at was, “This is how you're going to do it in our software,” whereas Wdesk, that first quarter 2016, we sat down we talked about our processes.
I love the task list. So, that is a good workflow. Whenever you're assigning an audit step to someone, it gives them a to-do list. And when they're assigning review work to me, it gives me a to-do list. I really like that.
[I like] the ability to have all the information in one audit as well as all the other audits, so my dashboard can be for an individual audit or my dashboard can be across all audits. Having that all-in-one software to be able to pull the data out and bring it up to a high level rather than looking through each audit to see where we are.
One of the biggest time savers is on the KPI dashboards. I used to compile those quarterly for my audit committee, and it would take two days to pull all this information out of the audits, put it into the graphs, put the graphs onto the PowerPoint®, and get it prepared. This is updated, real-time. So, if my auditor is upstairs right now keying in time on their time sheet, my KPIs are updating. That saves me two days.
To go back and audit without it? I would not feel as if I’m being as effective.
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