Getting Organized for SOX and the COSO Framework

Situation

• A small team of two used Word® for walkthroughs and control testing documents and Excel® for the risk and control matrix. 
• Identifying version control issues between the two platforms was tedious because the files were so large. It was frustrating trying to understand what corrections had been made throughout the document. 
• The quarterly management report was a chore to create and edit because the files came from multiple locations.
• The insurance company worried about becoming compliant with the new COSO Framework since it lacked an organized process.
• Finding out what controls had been tested and which ones were operating effectively took a manual search. Many Word and Excel files had to be opened and skimmed to see the progress. 
   

Why Wdesk works for the internal audit team

• The company already uses Wdesk for its SEC reporting, so the SOX solution is a natural addition since management is familiar with Wdesk for financial reporting and the level of service Workiva provides.
• With only two people managing the SOX process, having all of the necessary documentation in one platform increases efficiency. Wdesk makes SOX documentation more organized, and accessing SOX related information more timely.
• Employees are able to spend more time on issues tracking, mapping to the COSO Framework, and gap analysis since compiling SOX information take less time.
• The user interface is easy for employees to understand. If someone is familiar with Microsoft® Office, the team believes he or she would understand the basics of Wdesk.
• External auditors enjoy the benefits of having reports updated in real time. There is no more back-and-forth with the company and auditors sending CDs with updated reports.

Results

• "Once it is in full operation, I have no doubt the time savings will be significant in terms of knowing where we are at any given time—even on an ad-hoc basis. The process time for getting responses to questions we may get regarding testing of controls is remarkably faster with Wdesk than with our previous process," according to the director of accounting.
• Management is thrilled to see an organized front in terms of SOX documentation and the COSO Framework. The team will implement dashboards in the future to manage progress even more effectively.
• The company considers linking to be "built-in quality control," which is contributing to the highly reliable reports being created by the internal audit team. Those working in Wdesk can identify issues more quickly.