Almost every industry across the globe has left traditional methods of doing business. Almost everyone is now making rapid shift to AI and machine learning-powered software to complete tasks. The accounting and finance industry are no exception to this change. Almost every auditing concern, no matter how small or big the company, is using audit management software to help with audit workflow.
What is auditing
Auditing is the process of examining and reviewing financial statements to provide independent assurance of compliance with applicable standards, laws, and regulations. It also provides assurance on the accuracy of the financial statements. There are different types of audit.
It will help to ensure if the account books are kept regularly updated with the correct information as is required by the law. People often refer to audit managers as audit society members.
Auditors check the results, obtain other necessary evidence, and evaluate the same and formulate their opinion based on the available documentation and evidence. After all of this, Auditors report their opinion in the form of an audit report.
What is Audit management software?
Audit management software helps accountants and audit managers streamline their auditing process. Auditing software is bound to the guidelines, regulations, and internal policies of the entity. The approved workflows are embedded in the software to help auditors perform their task’
Companies use this software to define, implement, as well as monitor complicated auditing tasks. The audit report resulting from the work performed through audit management software is used for many purposes including, compliance, quality management, environmental protection, and creating safety guidelines.
What industries use audit management software
Audit management software is used by many industries across the globe including accounting, auditing, healthcare, food, pharmaceuticals, chemical, and many more.
Who uses the audit management software?
An audit management software is used by industries for various purposes. However, it is mainly used by operation managers and professionals to schedule audits as well as analyse and report results.
In addition to this, employees from different departments such as manufacturing and distribution use audit management software to implement audit procedures results. Once results are in, they are shared with the respective audit managers and senior management.
Many times, external auditors also benefit from the use of audit management software by capturing information and then passing it through software.
How audit management software delivers results
You should probably know to not confuse audit management software with financial auditing software.
Financial auditing software may help with the analytics, but audit management software is primarily used for automating the workflow of the day to day work of auditors. It may have interface with other software, but it is not primarily an analytics tool or financial auditing tool.
Generally, audit management software covers more than one department of a company. This software gathers data from multiple sources such as enterprise asset management software, environmental health and safety, ERP software, quality management software, and quality management software. This data is used by audit management software to deliver optimal results.
How much audit management software costs?
There are many audit management softwares available on the Internet. Some offer more functionalities than others, hence, they are more expensive. Most of this audit management software offer free-trials.
The average cost of audit management software is from $10,000 to $100,000 per year. Many software also offers a mobile app version of its software. Some even offer a no-coding environment for audit managers to audit data without any hassle.
What is the best audit management software?
Many audit management softwares are available on the Internet that can be downloaded and used. Different software comes in different price ranges and offers different features. However, since you are asking for the best audit management software then let’s take a look.
Teammate:
This is the best audit management software available in the market. It is used by internal auditors as well as external auditors. Many government auditing departments also use Teammate.
This industry leading software has modules that can help with scheduling audits, risk assessments, audit field work, monitoring of audits and time/resource management.
If you are looking for a mature and truly paperless auditing software, then I would recommend that you have a look at Teammate.
Audit Board
Audit Board is the best available audit management software available. It is a cloud-based audit management tool that helps enterprises to avoid risk. The software is so easy to use and provides a no-code environment to the audit manager. It suits best for risk, and compliance solutions and also streamline the internal audit, risk management, SOX management, workflow management, and control management.
What companies does Audit Board represent?
The software is so successful that it is used by pre-IPO companies as well as some of the few Fortune 50 companies also to modernize, simplify, as well as elevate their functions.
- Healthcare
- Computer software
- Banking
- Accounting
- Consumer goods
- And many more
How popular is Audit Board?
The software was awarded as the top-rated GRC and audit management software on G2. In addition to this, it was also recognized as the third fastest-growing company in North America by Deloitte.
How does audit management software remove the shortfalls of traditional methods and enhance data-rich insights?
There are many benefits of using audit management software. But people still sometimes trust traditional methods more than using automatic software. However, times are changing and people are releasing that audit management software does the trick. Let’s take a look at how the audit management software removed the shortfalls of traditional methods and enhanced data-rich insights.
- It helps with the reduction of duplicate audits. By helping with this, also saves so much important time and resources for the company. According to many reports, audit management software saves up to 60% of the time by stopping duplicate audits.
- Using an automatic tool for auditing will also help you with the accuracy of capturing data during an audit.
- Using software also helps with gathering more data than an audit manager can generally gather using traditional methods. In addition to this, it also saves hours of extra work which results in cost-cutting.
- By using audit management software, auditors can eliminate the ambiguity in his/her audit reports.
- You will also be able to demonstrate compliance throughout the audit trail.
- It also helps with documenting evidence.
- Difference review levels can be added to the workflow to improve quality of audit.
Conclusion
While wrapping up this article I would like to say that purchasing an audit management software might seem like a big commitment due to its pricing. However, the benefits of using a software surpass the cost that you will be investing. Most of the audit management software offers free trials for up to 1 month. You can use one of those and see for yourself if they are helping.
