AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
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Workiva
Score 8.6 out of 10
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Workiva is a cloud platform supporting ESG protecting, designed to provide collaboration, data integration, and an audit trail. The platform helps mitigate risk, and improves productivity.
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Pricing
AuditBoard
Workiva
Editions & Modules
No answers on this topic
No answers on this topic
Offerings
Pricing Offerings
AuditBoard
Workiva
Free Trial
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No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
No
Entry-level Setup Fee
No setup fee
No setup fee
Additional Details
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More Pricing Information
Community Pulse
AuditBoard
Workiva
Considered Both Products
AuditBoard
Verified User
Employee
Chose AuditBoard
AuditBoard is more user-friendly and never has access issues reported by any of our users. AuditBoard offers more free training and office hours to help users get the most out of the product. AuditBoard has more collaborative features to allow users to work together and save …
Auditboard is especially useful for SOX control testing. It is very convenient having all our information on a single platform. It is easy to communicate PBC requests to clients, store control testing working papers for review, communicate deficiencies and build dashboards to provide visual statistics. Situations where it might not be useful are for organizations that are smaller in size where the templates don't fit well with their internal audit/controls program. There is a significant amount of testing required before using the platform, and adapting working papers to fit in well with AuditBoard
Wdesk is best suited for companies with demanding SEC filings and documents, with multiple revisions due to auditor/counsel review, and where financial reporting is extremely manual. Wdesk really helps take out the potential errors out of extremely manual processes, and helps automate regular financial reporting by allowing companies to link financial information and build customized flows of their information into financial statements and other documents (such as presentations or other internal reporting).
The biggest strength of the program for our team is that multiple users can work in the document at the same time. Multiple users can be in the program updating financial statements, footnotes, MD&A - all without stepping on each other's toes.
Rolling forward the documents from one period to the next is pretty simple. Links to source documents are maintained and new ones can be added without much hassle.
Edits and changes can be made right up until the last minute before filing. There is no waiting period or pencils-down period unless we enforce one ourselves - the Financial Reporting team is in control of the timing of our filings.
We used to perform our Risk Control Analysis (RCA) for each audit's planning in an Excel spreadsheet. Once we purchased the Risk Oversight module, AuditBoard helped us convert the RCA to a system function rather than a spreadsheet. At first, we lost some of the functionality the spreadsheet provided, but AuditBoard did continue to help us build and work towards a solution more similar to what we previously had. Though happy with it, it's still not perfect. As one example, I'd like to be able to link actual Ops Audit work steps that cover the risk and controls being outlined in the RCA, rather than just adding a comment to state which steps cover them. More of a preference, I suppose.
I also had demoed their beta Resources and Scheduling module, but it didn't have enough functionality at the time to work for how we put the quarterly Internal Audit schedule together (using Excel). One thing I recall was that you couldn't pull in SOX controls or non-chargeable work (such as education or administration) to auditor's schedules; it was meant to schedule the Ops Audits only. It is possible they have already fixed or improved this; I just haven't seen the updated version.
Overall it's a good-to-go product because of its features. It's easy to set up, meets requirements, has quality support, etc. So far, it has been working quite well for me, and I wish to continue using it for as long as it meets my requirements.
Workiva's technical support is impeccable and undoubtedly one of the best. The times we needed them, they were super quick and willing to help. It works 24 hours a day, and there will always be someone to help with doubts or technical problems regarding the tool.
I remember there were a lot of sync issues when I used the internally developed software, but that's probably because a few people were working on the same project at the same time. I have not come across this issue in AuditBoard
We moved from a third party filer to doing it in house. Have seen demos of products like Active Disclosure, which has come a long way from the beta version I saw and but we are not too far gone with Wdesk for us to evaluate other products. When we first signed up with Webfilings, (former name of Workiva), there were no viable products in the market. I had seen an Oracle product and a beta version of Active Disclosure. It was not hard to see the ease and intuitive-screens, to guide one through the filing process. The excel-like spreadsheets were an added bonus.
Hard to quantify. It was cheaper than the tool we had and we were able to get rid of standalone tool for surveys. overall, just better user experience for all.
We spend less than we used to with a traditional printer.
We have been able to do turn-on-a-dime equity offerings with last minute changes and still file on time.
Inviting external legal into the platform has helped with communication but we actually suspect they spend MORE time (and billing) on our documents than they used to just simply because it's so easy to get at them anytime they want.
