Wdesk Bridges Oceans for Global Sarbanes-Oxley Team
Due to two large acquisitions over the last year, this public manufacturing company has doubled in size. It has offices scattered throughout the world. The team manages approximately 40 key controls at each location.
The company supplements its internal audit department externally during busy seasons to help translate documents from different countries.
Before the acquisition, the company was using Word® and Excel® for its SOX testing. All supporting documentation, like invoices and purchase orders, were in hard copy form. The manager of internal audit had to travel to be onsite to review documents and manage personnel.
The company began to look for a cloud-based solution that would meet its needs for SOX. Many solutions would require the team to manually rekey in all data and track it. The company's firewall also posed issues for implementation of on-premise solutions.
Why Wdesk works for the SOX team
The company became interested in Wdesk because it had the intuitiveness of the tools the team was familiar with. This made the learning curve with outside consultants minimal. The team was up and running in Wdesk with a 30-minute training.
Wdesk surpassed firewall issues imposed by on-premise solutions because it's cloud-based.
The company uses Wdesk primarily for SOX testing and SOX 302 questionnaires—leveraging approximately 50 licenses. The team leverages Certification to track responses, automate the reminders, and consolidate the responses for review. It plans to extend its use of Certification to fraud risk assessments.
Linking data directly from the risk control matrix to other documents has saved the team a lot of time—allowing team members to update a number in one location and see that update made in all supporting documentation.
With evidence management, different locations scan documents and attach them in Wdesk. This has helped make the process uniform and has allowed the team to review documents, regardless of location.
Due to various confidentiality laws in different countries, the company worked with Workiva to put a set of permissions in place to prevent other independent auditors from seeing another's work, and thus, comply with those data protection laws.
Without Wdesk, the team would spend an additional $500,000 to hire outside personnel and consultants to help review documents.
The biggest advantage for the company is time savings. The manager of internal audit is able to manage time and people more efficiently. The SOX team expects to decrease its time spent on SOX-related work over the course of the next year, as acquired entities get up and running.
"I do not want my team to be away from home performing audits because of work. With Wdesk, my team can be on-site for a week and home by the weekend," says the manager of internal audit.
The CFO and audit committee have more confidence in the SOX team. With Wdesk, the internal audit team is able to keep working, spend more time on special projects from management and the audit committee, and meet deadlines while continuing to grow as a company.
Because Wdesk is cloud-based, the team eliminates the creation and delivery of documents to its auditor. Security concerns, high shipping costs, and the manual tracking of information contained within them is no longer an issue.