AuditBoard is a cloud-based audit management software solution from the company of the same name in Cerritos.
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SAP Audit Management
Score 9.3 out of 10
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SAP Audit Management streamlines internal audit activities with mobile capabilities. The product enables documentation of evidence, organization of work papers, and creation of audit reports. It can be deployed on premises or in the cloud.
Auditboard is especially useful for SOX control testing. It is very convenient having all our information on a single platform. It is easy to communicate PBC requests to clients, store control testing working papers for review, communicate deficiencies and build dashboards to provide visual statistics. Situations where it might not be useful are for organizations that are smaller in size where the templates don't fit well with their internal audit/controls program. There is a significant amount of testing required before using the platform, and adapting working papers to fit in well with AuditBoard
SAP Audit Management is the absolute best software available for large, multi-national companies that have dedicated internal audit resources. Further, due to the implementation costs, I would only recommend a company to be serious about purchasing this software if external audit expenses were upwards of $2 million per annum. Also, better suited for an organization that already has solid audit procedures in place but wants to integrate them and increase audit efficiency. A company starting from scratch would not value this particular software as much because integration becomes less important in that scenario.
We used to perform our Risk Control Analysis (RCA) for each audit's planning in an Excel spreadsheet. Once we purchased the Risk Oversight module, AuditBoard helped us convert the RCA to a system function rather than a spreadsheet. At first, we lost some of the functionality the spreadsheet provided, but AuditBoard did continue to help us build and work towards a solution more similar to what we previously had. Though happy with it, it's still not perfect. As one example, I'd like to be able to link actual Ops Audit work steps that cover the risk and controls being outlined in the RCA, rather than just adding a comment to state which steps cover them. More of a preference, I suppose.
I also had demoed their beta Resources and Scheduling module, but it didn't have enough functionality at the time to work for how we put the quarterly Internal Audit schedule together (using Excel). One thing I recall was that you couldn't pull in SOX controls or non-chargeable work (such as education or administration) to auditor's schedules; it was meant to schedule the Ops Audits only. It is possible they have already fixed or improved this; I just haven't seen the updated version.
I remember there were a lot of sync issues when I used the internally developed software, but that's probably because a few people were working on the same project at the same time. I have not come across this issue in AuditBoard
I wouldn't say there is a true peer to SAP Audit Management currently available on the market. SAP Audit Management is the only software that is. It is designed by and developed for audit practitioners across the world. Further, the software unlocks the disparate information for Internal Audit departments and supports audit experts in their day-to-day activities with an easy to use. collaborative, and risk-based approach towards audit procedures.
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.
