What is Workiva Audit Management?
Definition
Workiva Audit Management is the use of Workiva to organize audit planning, control testing, evidence collection, issue tracking, reporting, and management sign-offs in one connected audit environment. It helps finance, internal audit, risk, and compliance teams manage audit work with clear ownership, traceable evidence, and consistent reporting. In practice, it supports Internal Audit (Budget & Cost), Reconciliation External Audit Readiness, regulatory reporting, and executive-level audit visibility.
How Workiva Audit Management Works
Workiva Audit Management connects audit documentation, data, narratives, control results, review comments, and dashboards. Instead of treating audit files as isolated documents, it allows teams to link audit evidence to control objectives, risks, financial statement areas, and management reports. This creates a clear trail from audit planning to final reporting.
For example, an internal audit team may connect control test results to account reconciliations, revenue schedules, vendor approvals, or budget ownership. These links help support Regulatory Overlay (Management Reporting) and make audit conclusions easier to review by finance leaders, audit committees, and external auditors.
Core Components
Audit planning: defines scope, entities, timelines, risks, and control areas.
Evidence management: links support files, reconciliations, reports, and management responses.
Control testing: documents samples, procedures, test results, exceptions, and sign-offs.
Issue tracking: assigns findings, remediation owners, target dates, and status updates.
Dashboards: summarize audit progress, open items, control results, and leadership reporting.
Role in Finance and Management Reporting
Workiva Audit Management supports finance teams by connecting audit evidence with reporting decisions. For example, Enterprise Performance Management (EPM) Alignment becomes stronger when audit findings, control results, budget reviews, and management dashboards use the same controlled data narrative.
It can also support Management Approach (Segment Reporting) by connecting business-unit evidence to management reporting assumptions, segment controls, and review approvals. When finance teams prepare board or audit committee materials, Workiva can help connect audit conclusions to Cash Flow Analysis (Management View), close results, and performance commentary.
Useful Audit Management Metrics
Common metrics include audit completion rate, evidence request turnaround time, overdue findings, remediation cycle time, control pass rate, and repeat issue rate. These metrics help management understand whether audit work is progressing on schedule and whether control improvements are being completed.
Audit Completion Rate = Completed audit tasks ÷ Total planned audit tasks × 100
For example, if an audit plan includes 320 tasks and 256 are completed by the reporting date, the Audit Completion Rate is 256 ÷ 320 × 100 = 80%. A higher rate usually indicates strong audit execution, timely evidence delivery, and clear ownership. A lower rate may indicate where teams should improve task assignment, documentation readiness, review cadence, or remediation follow-up.
Practical Use Cases
Workiva Audit Management is used for internal audit planning, SOX readiness, financial close review, control testing, regulatory change monitoring, and audit committee reporting. It can help teams manage Regulatory Change Management (Accounting) by documenting how new accounting or disclosure requirements affect controls, evidence, and reporting responsibilities.
It also connects with broader finance governance areas such as Enterprise Performance Management (EPM), Treasury Management System (TMS) Integration, and Contract Lifecycle Management (Revenue View). For vendor controls, it can support Segregation of Duties (Vendor Management) by tracking access reviews, control evidence, and remediation actions.
Best Practices
Map audit workpapers to risks, controls, entities, financial statement areas, and owners.
Use standardized evidence request templates for recurring audit cycles.
Link control testing results directly to management reports and remediation plans.
Review open findings regularly with finance, risk, and control owners.
Use dashboards to monitor audit status, control outcomes, and executive reporting needs.
Summary
Workiva Audit Management helps organizations manage audit planning, evidence, control testing, findings, remediation, and reporting in a connected environment. It improves audit readiness, strengthens finance governance, supports operational efficiency, and gives leadership a clearer view of audit progress, control quality, and business performance.
