Case Study: Private Biotechnology Company achieves SOX readiness and streamlined internal controls with Workiva

Private Biotechnology Company - Customer Case Study

A private biotechnology company preparing for a possible IPO needed to put SOX-ready internal controls in place but was starting from scratch: no flowcharts, no risk-and-control matrices, only Excel, and a one-person internal audit function that relied on outsourced assistance. The small team worried about version control, needed a system that would let the controls and accounting manager train staff, and wanted clearer, more dynamic visibility into controls than scattered spreadsheets could provide.

The company implemented Wdesk (Workiva) to automate control testing and centralize documents in the cloud, reducing the risk and time associated with manually updating and sharing spreadsheets. Linking spreadsheets, reports, and graphs allowed simultaneous updates, freed the controls manager to devote time to training and oversight, and made audit-committee presentations and risk reporting faster and more transparent.