Changing regulations, managing stakeholders, soliciting input, keeping sensitive financial data secure and hitting deadlines are all challenges associated with financial reporting.
According to a recent study of audit committee members by KPMG, only one in 10 companies are prepared for FASB’s revenue recognition and leasing standards. The same study reveals that risk management during the financial reporting process is increasingly a concern.
Stuart Miller, chief financial officer at Workiva, says companies can use technology to enable greater collaboration and efficiency with auditing firms. ‘Often the issue for public companies like us is the availability of time from the auditing firm,’ he says. ‘We have a very streamlined process for closing our books, but it’s a matter of when we can take our place in line with the auditing firm – many of which close their book at year-end.’
Miller explains that companies can speed up the time auditors spend on financial reports by using digital tools: ‘Being well organized with digital files speeds up the time when auditors are on site and once they leave and need to check items remotely. We have an evidence-management feature that allows auditors to look at evidence supporting the assertions we make about our business.’
Workiva and Business Wire recently announced a partnership that will enable IR teams to transfer financial reports, earnings call announcements and press releases quickly and securely between the two platforms. Rich DeLeo, chief operating officer at Business Wire, explains that this grants greater internet security than alternative approaches and therefore de-risks the process.
‘If a client were to email us a file, we would ask [that client] to upload it through Business Wire because it’s much more secure,’ he says.
The partnership between Workiva and Business Wire formally launched last week.
