25 Best Audit Management Software 2020

Table of Contents

What is meant by audit management software?

Audits are a very essential part of any business organization. They can be conducted in-house by a team of employees or outsourced to auditing agencies. Audits take up considerable time and effort. Organizations need to make sure that all processes are streamlined and paperwork is in order. This is why most organizations now rely on audit software the simplify the entire procedure.

Audit management software is a highly popular tool in the current business scenario. It leads to complete automation of most audit-related tasks and ensures smooth documentation. Internal audit software has the ability to keep financial figures in check and facilitates compliance to government regulations. It is a useful solution that can slash the time taken to conduct audits exponentially.

Audit software is designed to develop a single comprehensive framework that manages large volumes of data and auditing processes. It is flexible enough to support any kind of organizational audit – external, internal, supplier, IT or quality. A smart business platform, audit software can enhance systematic workflow, risk management and reduce man-made errors.

What is the need of audit management software in organizations?

Organizations all across the globe have realized the immense potential of auditing management software. There has been a manifold increase in the adoption rates of auditing systems in organizations of various industries/ sectors. Overall, audit software is a great tool that can help managers with seamless data flow, documentation management and safety regulation compliance. Here are some compelling advantages of automated audit management systems:

• Improved Performance: Most audit tools are tailor-made to give users a holistic view in to organizational processes and working. This allows managers to clearly identify poor performances. They can identify under-utilized departments, low-performing teams and even individual workers. Audit software facilitates managers to destroy any kind of wasteful practices and eliminate time-consuming activities. It leads to an improved performance, thus leading to higher business revenues.
• Saves Time: Traditional auditing processes are lengthy and cumbersome. They involve a lot of manual calculations, hence organizations usually had to spend energy and time in managing tons of paperwork. There was also always a chance of high errors or inaccuracies. However, audit software automates and mechanizes all such processes. Complex calculations can be completed in a fraction of the previous taken time, just through the click of a button.
• Ease-of-Use: One very advantageous aspect about audit software is that they have a very simple learning curve. Often managers are sceptical to invest in audit software as they feel it would be highly complicated for employees to use. Most modern software though it extremely user-friendly and presents data in a navigable readable form. This improves visibility and allows managers to make more strategic decisions that help in achieving organizational goals in the long run.
• Eliminates Ambiguities in Reports: Reports and paperwork are a very important part of audit management. When all documents are hand-written, there are high chances of errors. Audit software makes sure to gather and attach evidence to audits on site, thereby eliminating any confusion and ambiguity. Reports are not affected by any kind of bias as all processes follow stringent rules and procedures. It makes reports highly accurate and organized for better clarity.

What are the basic features of audit management software?

Audit software has a range of impressive and innovative features. They implement the latest technology to monitor and calibrate all functions across departments. Here are some essential features that are popular in most audit management systems:

• Scheduling: Audits have to be completed in a timely manner, otherwise organizations may find themselves defaulting on government regulation. Hence, one of the most important features of audit software is scheduling. It should have the capability to schedule one-off and recurring audits. Managers should also be able to set alerts and reminders so that audits are never missed.
• Document Management: Internal audit software helps in handling vast amounts of documents in a structured manner. It has the ability to allow users to attach required documents in soft form as evidence for audit procedures. All critical data is stored in a central unified repository from where it can be easily accessed by authorized personnel.
• Corrective and Preventive Action(CAPA): Audit management platforms need to make sure that organizations address their weak areas and take proactive action against them. Corrective and preventive action features make it simple for managers to initiate corrective measures. This results in proper issue resolution and complete compliance  in all fields.
• Flexible Reporting and Analytics: Audit tools are perfect business assets as they facilitate proper audit closure, and help managers prepare detailed reports. They allow staff members to closely analyse all key metrics and display them in a visual friendly and graphic manner. This boosts improvement initiatives in low performing areas and increases the efficacy of strategic business decisions.
• Audit Preparation Tools: Audit tools notify auditors well in advance about upcoming audits. It provides important information access to auditors such as past audits, revealed financials and historical reports. It can automatically develop a checklist with pre-established criteria. This will help auditors perform their job with enhanced quality and at a quicker pace.

There are tons of radical new features in modern audit management software. Organizations need to assess their business requirement and check their budget before opting for the best one. Most software vendors provide many customizable options that are tailor-made for specific organizational requirements. Hence managers can choose particular features or modules that will be beneficial for their business model.

Why is online audit software the future in auditing technology?

Online audit software is a revolutionary technological tool that can go a long way in building up productivity and smooth task flow management. While traditional auditing processes are time-consuming and labour intensive, audit management software can complete functions through the click of a button.  Here are some reasons that throw light on why auditing is the new big trend in the years to come:

• Internal audit software simplifies the entire procedure. It has many loaded templates and checklists that can help auditors save time. This makes auditing fast, agile and accurate.
• Auditing platforms enhance availability to the highest possible levels. Since most modern audit software solutions are cloud-based, team members can access the system from any place. This ensures that work is not interrupted and managers can keep productive, even on the move.
• Audit tools are ideal as they facilitate a closed-loop cycle for recording new findings, giving feedback / recommendations and putting forward an action plan.
• Audit software brings a high degree of transparency and visibility in auditing processes. It increases the quality of risk management and makes sure that companies do not default by not following mandatory regulations.
• Audit management software can manage the entire audit cycle holistically. It allows managers to plan the auditing program, prepare checklists and undertake field data collection. Audit tools ensure that all processes occur in a streamlined manner, and aid in preparing the final audit report with recommendations and action plans.

What are the key considerations while choosing audit management software?

Regular audits are necessary to improve organizational performance and boost functional efficiency. Audit software are automated systems that can centralize, modify and implement risk and compliant processes. However, managers are often sceptical to adopt audit tools are they do not have adequate knowledge about them.

Organizations stay hooked to traditional auditing procedures are they do not know how to look out for the best audit software.  It is important to be aware of what your organization needs before investing in a long term audit system. Here are some important considerations to keep in mind while choosing the best audit management software in the market:

• Affordability: Organizations need to be certain about their budget before venturing in the market to purchase audit software. Audit management platforms come in a wide price range – right from open source free software to exclusive heavily priced solutions. Reliable and trustworthy service vendors generally customize audit software to sit within  an organization’s financial resources so that it fits within the required rage.
• Cloud-Access: Cloud-based software is the current buzzword in the business arena. Organizations need to decide whether they want an on-premise solution or a cloud-based platform. Most companies opt for cloud-based audit management software as it provides high mobility as the system can be accessed at any geographical location.
• Customization: It is vital for organizations to choose a service provider that can personalize an audit software. There is no one-size fits all in auditing tools. Every organization has different requirements that need to be catered to with care and precision. Hence, while deciding on an audit management platform, it is essential to make sure to get a customized solution that will serve organizational needs.
• User-friendly interface: Audit tools need to be intuitive and easy to understand so that they can be used by even non-technical staff members. Investing in user-friendly audit software is vital so that there is no difficulty in transitioning to the new technology.

It is essential for organizations to scan the market, check all considerations and make a final choice. Getting a perfect audit software can build up bottom line results and help your organization achieve high profitability.