Case Study: U.S.-Based Insurance Company achieves $300,000 annual audit fee savings with Workiva

How One Company Saved $300,000 on Audit Fees With Workiva

A U.S.-based insurance company that had just completed an expedited IPO faced a costly, inefficient audit process: auditors struggled to access supporting documentation and understand the company’s processes, requiring roughly 40 Big Four reviewers each year and creating long turnaround times and unclear controls. The disconnected reporting and document management led to frequent requests, numerous comments and adjustments, and high audit fees.

The company adopted the Workiva cloud platform, centralizing documents, standardizing data models, and inviting auditors into a shared workspace with traceable links and an automatic audit trail. This streamlined collaboration reduced manual touch points, errors, emails and comments, improved control reliance and evidence substantiation, shortened audit time, and enabled negotiation of lower fees—saving the company $300,000 annually.