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Workiva SOX Compliance Solution Achieves MilestoneAMES, Iowa, March 2, 2015 /PRNewswire/ -- Workiva (NYSE: WK), creator of the Wdesk cloud-based productivity platform for business data collaboration and reporting, announced today that more than 100 companies, including Advance Auto Parts, FirstMerit Corporation and Gulfport Energy Corporation, are now using Wdesk to increase efficiency in documenting, implementing and assessing internal controls over financial reporting as required under the Sarbanes-Oxley Act (SOX). SOX requires public company CEOs and CFOs to individually certify that their annual and quarterly financial reports are accurate and complete and to assess the effectiveness of their internal controls over financial reporting. Increased scrutiny from the Public Company Accounting Oversight Board (PCAOB) on audits of management's assessment of internal controls – and the transition in the framework used for assessing internal controls – is driving public companies to find more efficient and accurate solutions for SOX compliance. "SOX compliance can be challenging because building, implementing and evaluating internal controls requires collaboration across multiple departments, often involving hundreds of co-workers across the globe," said Matt Rizai, Chairman and CEO of Workiva. "Our Wdesk SOX solution allows simultaneous collaboration with the perfect mix of control, accountability and documentation of internal controls over financial reporting that is essential to auditors, executives and boards." "Wdesk allows our auditors to easily observe review procedures performed and the conclusions reached dring the review process," said Stacy Gilbert, Corporate Controller at FirstMerit Corporation. "This is a win for both FirstMerit and our auditors." Key features of Wdesk for SOX include:
"Wdesk, and more specifically the commenting feature in Wdesk, has become a key tool for us because it allows our management reviews to be evidenced with the appropriate level of precision," said FirstMerit's Gilbert. Gartner recently cited Workiva as a "best-of-breed vendor" in its report on enhanced financial controls and automation.1 "By integrating the documentation, testing and implementation of internal controls over financial reporting inside Wdesk, our customers are saving time and improving the quality of their controls," said Rizai. "We are very pleased with the way our customers are expanding their use of Wdesk to reduce risk as part of their overall governance, risk and compliance (GRC) programs." About Workiva Contact: 1 Gartner. Enhanced Finance Controls and Automation Fills the Gaps in ERP and CPM Processes, John E. Van Decker. October 2014. Logo - http://photos.prnewswire.com/prnh/20150213/175372LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/workiva-sox-compliance-solution-achieves-milestone-300043133.html SOURCE Workiva |