|[March 14, 2017]
Workiva Helps Smithfield Foods Centralize Internal Controls
(NYSE:WK), a leading provider of solutions for enterprise productivity,
announced today that Smithfield Foods, Inc. uses Wdesk to centralize
internal controls over financial reporting as required by the
Sarbanes-Oxley Act (SOX).
access to SOX work papers and testing results was restricted to requests
via email," said Heather Allen, Director of Derivative Accounting and
Compliance with Smithfield Foods. Now, Allen and her colleagues use
Wdesk to manage SOX compliance across multiple locations. "With Wdesk,
each division's Risk Control Matrix is linked to testing and supporting
documentation. The SOX process is now efficient and readily accessible."
"Accuracy and completeness is extremely important in SOX
compliance as management must attest to the effectiveness of our
internal controls," said Allen. Smithfield Foods management and Internal
Audit teams use Wdesk dashboards to track whether internal-controls
testing is in process or completed. "We have consolidated all our
testing into a corporate dashboard so I can see where we are at any
given time - especially with any exceptions that are identified," she
explained. "Wdesk helps us stay on top of things."
"Each division has access to the dashboards so they can view their
progress and stay on track," she said. "We love that we can create tasks
between all Wdesk users, which improves accountability."
Foods also uses Wdesk to digitally embed the results of their
controls testing and other required evidence with a complete audit
trail. "Evidence documentation is critical to support controls testing.
Wdesk provides a centralized repository for documentation that can be
easily reviewed by the external auditor or Internal Audit," added Allen.
"Wdesk is an evolution for us, and we are continuing to work and learn.
But for the first time, we have one source of the truth and are
harmonizing our processes and procedures," she explained. "At the end of
the day, we have a much stronger controls environment."
This transparent access, along with controlled collaboration and data
linking are among the reasons why Wdesk won a Value
Award for Internal Controls from GRC 20/20 Research LLC.1
The analyst firm reported that "Wdesk is a flexible platform that can be
altered as business needs change such as in mergers or acquisitions. The
internal audit team can start with its internal control management needs
and expand to other use cases and departments in the future and have
everyone in one secure collaborative platform."
1 GRC 20/20 Research LLC. BelFuse Inc. Value Achieved in Internal
Control Management. Governance, Risk Management and Compliance
Insight Case Study. October 2016.
Workiva (NYSE:WK) delivers Wdesk, an intuitive cloud platform that
modernizes how people work within thousands of organizations, including
over 70 percent of the FORTUNE 500®. Wdesk is built upon a
data management engine, offering controlled collaboration, data
integration, granular permissions and a full audit trail. Wdesk helps
mitigate risk, improves productivity and gives users confidence in their
data-driven decisions. Workiva employs more than 1,200 people with
offices in 16 cities. The company is headquartered in Ames, Iowa. For
more information, visit workiva.com.
Claim not confirmed by FORTUNE or Time Inc. (News - Alert) FORTUNE 500® is a
registered trademark of Time Inc. and is used under license. FORTUNE and
Time Inc. are not affiliated with, and do not endorse products or
services of, Workiva Inc.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170314005282/en/
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