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 (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 http://www.acl.com/fortegra.

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ACL Workpapers Eases Fortegra Financial's Transition to Publicly-Traded Company