Cloud-Based Software Transforms Audit Process for Newly-Formed Team
VANCOUVER, British Columbia, Oct. 11, 2012 /CNW/ - ACL, the technology company that is transforming audit and risk management, announced today that Fortegra Financial Corporation (NYSE: FRF) has implemented ACL™ Workpapers to manage company-wide audit workflow. As a result, Fortegra has been able to increase its audit process efficiencies by 25 to 30 percent, generate external audit cost savings, and improve internal communications by automating time-consuming administrative functions.
Fortegra, an insurance services company that provides distribution and administration services and insurance related products to insurance companies, brokers, agents, and other financial services companies in the U.S., faced several challenges as it transitioned from a private to publicly-traded company. Its newly established internal audit department struggled with hosting all work on a shared drive, which had become unmanageable.
Fortegra was in need of a flexible system that could support Sarbanes-Oxley (SOX) compliance and enterprise risk management (ERM), while also allowing for collaboration with various business units and external auditors. Implementation of on-premise server-based solutions were deemed too complex and cost prohibitive, leading Fortegra to ACL Workpapers.
"An initial public offering is a major undertaking for audit and risk teams," said Laurie Schultz, President and CEO of ACL. "Our technology and expertise gives organizations unprecedented control over their business, which removes a layer of concern and provides peace of mind going forward."
The easy-to-use workflow of ACL Workpapers allowed Fortegra to upload its existing SOX work and audit plans, organize workflow, and manage its ERM program.
"We were half-way through our SOX compliance process and it was an administrative burden," explained Laura Bartz, CPA, Internal Audit Manager at Fortegra. "ACL Workpapers offered us a simple, centralized, and secure audit management system that immediately helped us become more productive. Within a week, we were up and running."
"ACL Workpapers has increased our organizational efficiencies by helping us communicate and collaborate better with our business unit leaders," explained Emily Rhodin, CPA, CRMA, Vice President Internal Audit & SOX Compliance for Fortegra. "We are now able to determine our status and generate findings reports easily, which allows us to communicate timing and results to our business leaders and external auditors immediately upon request, and to compile their comments in an organized way."
To read the full case study, visit www.acl.com/fortegra.
ACL delivers technology solutions that are transforming audit and risk management. Through a combination of software and expert content, ACL enables powerful internal controls that identify and mitigate risk, protect profits, and accelerate performance.
Driven by a desire to expand the horizons of audit and risk management so they can deliver greater strategic business value, we develop and advocate technology that strengthens results, simplifies adoption, and improves usability. ACL's integrated family of products—including our cloud?based audit and compliance management solution and flagship data analytics products—combine all vital components of audit and risk, and are used seamlessly at all levels of the organization, from the C?suite to front line audit and risk professionals and the business managers they interface with. Enhanced reporting and dashboards provide transparency and business context that allows organizations to focus on what matters.
And, thanks to 25 years of experience and our consultative approach, we ensure fast, effective implementation, so customers realize concrete business results fast at low risk. Our actively engaged community of more than 14,000 customers around the globe—including 89% of the Fortune 500—tells our story best. Here are just a few. Visit us online at www.acl.com.
For further information:
Jacqui Wilder, Stanton Public Relations & Marketing, +1-646-502-3538, [email protected]