What is Audit Software?
Audits are meant to ensure that a company's finances and accounting records are accurate, that fraud has not occurred, and that all applicable laws have been followed. They can be time-consuming and often require an auditor to come on site, which means additional expense for both the auditee and the auditor. With audit software, companies can save money by conducting their own internal audits.
Audit software, also known as internal controls software or audit management software, is used by companies to streamline the internal audit process. It can create custom workflows and generate reports. It also stores documents in a centralized location and reviews audit findings, reducing the need for manual intervention.
Audit software can help your company save time and money while meeting compliance standards like SOX 404(b), HIPAA Security Rule (45 CFR 164), or PCI DSS 3.0 Section 8 (auditor’s responsibilities).
Options may be hosted in the cloud or on-premises, and some vendors offer software-as-a-service (SaaS) solutions. Audit software is an easy and cost-effective way for businesses to manage their internal audit process.
Adopting an audit software could help your business:
Reduce the time needed to complete internal audits by up to 80%
Automatically track internal audit scheduling and reporting
Ensure internal audits are completed efficiently and on time
Create a variety of custom internal audit workflows
Schedule internal audits in bulk, by department, or by risk
Generate internal audit reports with just one click
Assign internal audit findings to the appropriate team members
Audit Software Features
Audit software includes the following identifiable features:
Third Party Integrations
Knowledge Base Management
Operational Risk Management
Audit Software Comparison
There are many choices for auditing software, depending on the industry and type of auditing tasks. You’ll want to consider the product’s functionality, user-friendliness, ease of setup, quality of support, and price.
Pricing for audit software is contingent on the type of solutions your company requires. Options exist for every kind of business, from freelancers to large enterprises. Freelancers and small businesses can find subscription-based options that range from $14/month to $300/month. Complex packages cost between $1000/month and $100,000/year. Most plans for larger businesses are not publicly priced, but vendors do provide custom quotes. Some vendors offer free trials and no setup fees.
RSA Archer, from the security, governance, and risk division of RSA Security is an integrated risk management / GRC platform.
ServiceNow Governance, Risk, and Compliance provides the tools businesses use to proactively manage risk by measuring, testing and auditing internal processes. This solution helps business users ensure compliance to regulations, policies, standards and frameworks. It is available…
CaseWare in Ontario offers IDEA, a data analysis and data extraction tool supporting audit processes. The vendor states IDEA integrates with various solutions to make obtaining and exporting data easy, such as SAP solutions, accounting packages, CRM systems and other enterprise solutions…
SearchInform Risk Monitor provides users with an automated perceptive toolset for employee monitoring, risk assessment, and internal auditing, makes sure that corporate policies comply with regulators, and evaluates the conformity of a company’s security level to the most recent…
Pilgrim Quality, an IQVIA company, is a global provider of enterprise quality management software and services for the Life Sciences and other highly regulated industries. SmartSolve, Pilgrim’s suite of quality management software solutions, is engineered for the Life Sciences.
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