AuditBoard vs. CaseWare IDEA

AuditBoard is a great platform for our organization because it allows real-time collaboration between the owners and auditors, plus it is very user-friendly. A couple of the features I love are the view that can be tailored by individual users and the dashboard that allows you to easily check the status of different projects.

Incentivized

One example of specific scenario in [CaseWare] IDEA is the ability to run samples separately and then based off of the results, compare and contrast the values recorded and easily discern if there are any variables or discrepancies within the data itself. Also, we can test journal entries with certain parameters to check the audit for any issues that may arise pertaining to the criteria. By testing, we are able to make sure the data is accurate and sufficient.

Incentivized

• Allows line of business managers to review and report SOX control status/changes which automatically update the controls in the related narratives.
• Shows status of work.
• Exports system data to Excel to create many helpful reporting possibilities.
• Organizes audit tasks and information.

Incentivized

• Easy to understand and easy to use.
• Can use on large quantities of data and quickly analyze them.
• Uses logic that can be followed if one is an auditor. I, for example, could understand the logic in a number of samples, i.e how the number of samples thrown changes when risk changes from low to moderate in proportion taking in consideration the materiality.
• Other audit firms are using 2 software for the process that IDEA alone can do. So IDEA has a definite advantage here.
• Customizable by the company.

• It would be nice if AuditBoard had more audit templates available for use on Ops Audit.
• More timely updates for all users on their new features and release notes.
• More CPE training and round tables for the users.

Incentivized

• Bit of a learning curve for the advanced features as a beginner.

Incentivized

I would rate it a 9 because I never really needed support on this but if I did, there was the necessary support given promptly.

Auditboard is a unique product that is primarily used for audit and internal controls which made it the best alternative. It provides a way to organize a large amount of testing working papers, provides efficient workflow, and can provide dashboards/reporting statistics to enhance internal audit and internal controls. In addition, this product is extremely useful to communicate with clients when sending out PBC requests and communicating control deficiencies

Incentivized

I have used Microstart and would definitely vote for IDEA because IDEA combines what Microstart does with the help of one/more softwares. Where Microstart just gives a number of samples, IDEA selects the number of samples based on materiality, risk, and other factors. It selects those samples from the population leaving out line items that are invalid/ zero. I would prefer using IDEA any day.

• Hard to quantify. It was cheaper than the tool we had and we were able to get rid of standalone tool for surveys. overall, just better user experience for all.

Incentivized

• We were able to save time by over 200 billable hours over our last busy season cycle
• We saved roughly 12% on costs compared to the last program we used.

Incentivized