Auditing is an inevitable process for a business that tends to operate with tight regulations and standards legally. The auditing process may a tedious and time-consuming work that involves a lot of paperwork. In today’s digital era, the automated auditing process through audit management software is the trend.
As per the statistical report, the compound annual growth rate of audit management software among the companies is predicted to increase by 12% for the period 2018-2023. When compared with the global market size of the audit software, North America positioned first place.
Well, before diving into the core topic let’s discuss some basics about audit management software starting with its definition.
What is Audit Software?
Audit management software is a systematic approach to simplifying the entire auditing process. The audit software takes care of everything involved in the auditing process efficiently right from the planning, scheduling, and performing audits.
In simple words, audit software offers you the easiest method of performing the most complex and challenging auditing process quickly, and more efficiently.
Benefits or Usage of Audit Software
Using audit management software will reduce the time consumption of the auditing process significantly. Apart from that, here are a few other vital benefits an organization can avail of through audit management software. Take a look.
- Reduces Auditor’s Efforts: It’s a frustrating job for auditors to audit a company by checking reams of paper and noting down those details after returning to the office. Rework carried out at the office is the auditor’s duplication of effort which doesn’t add value to the audit process. But audit software eliminates such non-conformities and allows auditors to focus on other works.
- Improves Data Accuracy: Audit management software allows auditors to capture data evidence in real-time. Also, everyone can view the data the same way auditors see it. This eliminates the data interpretation and lengthy notes taking process of auditors.
- Gathers More Information: Using audit management software will give more time for auditors to perform the auditing process. This enables auditors to focus on all issues including non-conformances. So, auditors can able to provide a more comprehensive review or auditing report.
- Takes Away Confusion & Ambiguity: Audit Software ensures all the evidence is gathered and attached in real-time. This gets rid of all the possibilities for confusion and ambiguity while auditing a site. Also, reporting is too easy with the aid of audit management software.
- Demonstrate Organization’s Adherence to Regulatory Guidelines Throughout Audit Trail: With the fully automated and perfectly planned internal audits through audit management software, auditors may find it much easier to demonstrate the regulations and guidelines to follow by the organization.
Key Considerations for Buying Audit Software
To enhance the expertise and abilities of the internal auditing process, you need to make sure on buying the right audit management software for your organization. This section will brief you on what to check for choosing the right audit software for empowering your business productivity along with streamlining the operation.
- Audit Scope: Make sure your audit software is capable of supporting the audit scope development. Because audit scope determines the amount of time & documents the team going to spend on the auditing process. The audit scope must be maintained evenly throughout the auditing process.
- Audit Risk Assessment: There should be a clear understanding among the audit team on when to utilize the gathered data using audit software. By doing so, teams can able to conduct an in-depth risk assessment and determine whether the organization is weak and what steps to take for controlling risks factors.
- Audit Project Management: The chosen audit software must provide features activity tracking, task assignment and so, to pinpoint the tasks and activities of an organization.
- Time & Expense Management: The audit software must have the ability to track the expenses and to report for every auditing process. This facilitates the auditing team to track all details of the operation easily.
- Audit Paper Work Management: The chosen software must act as a Single Source of Truth (SSoT) for all audits related documents. So that it will empower the audit team to ease all the paper works and have full control over the entire auditing process
Apart from those, here are the certain questionnaires you should find answers to with the audit management software before buying it.
- Whether it supports customization in coding & policies & procedures or not?
- Whether it has sufficient documentation and training for software handling or not?
- Whether the software supports various audit methodologies or not?
- Whether you can easily navigate the audit software or not?
- Does the software support an easy import and export option?
Audit Software used by Big Four, i.e., PwC, EY, Deloitte & KPMG
The influence of Artificial Technology (AI) has deranged the business model that humans followed traditionally. The AI has disrupted the nature of accounting particularly on tax preparation, business consulting, auditing, and so. The end –results produced through AI seem to be more consistent and efficient when compared with human dependence.
The world’s big four audit firms, PwC, EY, Deloitte, and KPMG have invested a whopping amount in billions on AI technology. According to the American-based business pay television network Bloomberg, the big audit firms have invested around $9 billion on AI. This indicates the impact of AI on the traditionally operated business model.
Now, take a look over the investments made by these four big audit firms on AI in brief.
1. Klynveld Peat Marwick Goerdeler (KPMG)
KPMG, a British-Dutch multinational professional network has pointed out that AI would be the center for all business shortly right back in 2015. Just like that, in December 2019 the audit giant has allocated $5 billion for 5 years on advanced technologies including AI.
As per the news gathered from the trusted sources, the giant KPMG focused on spending its investment on advanced technologies like cloud-based tech, creating innovative solutions, making collaborations with other firms, and training its employees to leverage the full potential of advanced techs like automation and AI.
Apart from that, the firm does have the intention of utilizing AI and other advanced data analytics in conducting audit processes for their clients. When compared with the remaining 3 big audit firms, KPMG has invested the largest amount in utilizing cutting-edge technology for its operations.
2. Price Waterhouse Coopers (PwC)
PwC is a London-based multinational provisional service network active in 156 countries with more than 290 thousand employees. In September 2020, the giant audit firm PwC has publically announced that it is planning to invest around $3 billion to train its workforce to exploit the benefits of new advanced technologies including Artificial Technology (AI).
The audit firm PwC even launched a special digital fitness application for its staff to predict their technological skills. The firm executed a digital accelerator program to take its employees and clients into the pool of technology. This point is the intention of PwC moving towards advanced tech.
3. Ernst & Young (EY)
Ernst & Young (EY) is also a London-based multinational professional service network offering a wide range of services like audit, tax, security risk, human capital, etc. to its global clients. Unlike the other big four audit firms, EY invested $1 billion on advanced tech capabilities a year ahead in 2018.
EY has successfully changed its traditional client solutions and started offering innovative services to its clients recently. The Document Intelligence of EY includes AI & natural language processing to assist EY teams to evaluate client documents more efficiently. When compared with human auditors, EY’s Document Intelligence delivers better results.
EY assurance team implemented the Document Intelligence on Azure cloud platform in 2019, despite disrupting the traditional way of approach the team managed to cut the processing time by 90% and increase its accuracy by 25%.
4. Deloitte Touche Tohmatsu Limited (Deloitte)
Being operational in more than 150 countries worldwide, the London-based audit firm Deloitte hasn’t invested any in tech capabilities. However, it is keen to achieve the number one position among the firms offering automated solutions to law firms. The ML-based artificial intelligence contract analysis tool, Kira system from Deloitte helps its team to spot the essential data/information from the agreements/contracts.
The tool Kira system is said to be more effective when an agreement or contract seems massive; the presence of AI eliminates the possibility of human errors. The audit giant Deloitte announced that the ML-based AI contract analysis tool, Kira system, has helped to find thousands of data insights for their clients.
Top 15 Audit Software of 2022
Having understood the complete framework of the Audit Software including why its used and which ones are the favorite of the Big 4s, now let’s understand the key features of such Audit Management Software.
Here I have gathered a couple of highly cherished audit management and tracking software systems that would help you understand the features more clearly –
MetricStream Audit Management
So, if you’re looking for a versatile, supportive, and exhaustive audit management solution, MetricStream is the ideal solution. This software can easily manage a broad gamut of audit-specific aspects such as IT audit, internal audit, operational audit, quality audit, and even supplier audit. Being facilitated with pioneering capabilities, MetricStream provides you with functionalities to execute perfect audit integration and functioning. Apart from this, it offers you capabilities such as risk assessment methodologies, built-in remediation, and email based notifications.
Salient Features of MetricStream Audit Management:
- Audit Planning
- Compliance Management
- Dashboard
- Issue Management
- Risk Assessment
Ratings from Capterra: 5 Stars
Intelex Audit Software:
Intelex helps you effectively establish, plan, and organize audit reports that stand vital for the seamless functioning of your business. You would want to incorporate Intelex audit software into your portfolio for storing, handling, and centralizing business data. It is not only a highly programmable software, but also a flexible and functional solution to carry out a self-audit of software. Moreover, this software makes it simple and easy to generate real-time reports, in addition to displaying detailed information for a programmable dashboard display chart.
Salient Features of Intelex Audit Software:
- Audit Planning
- Compliance Management
- Dashboard Issue Management
- Risk Assessment
Ratings from Capterra: 4.7 Stars
- MasterControl Audit Management::
You would know that conducting software audits is a time-consuming, effort-driven, and cumbersome task, right? Well, but when you have MasterControl Audit Management you get some ease, as it reduces the time and effort consumption in both preparing as well as conducting the software audits. This latest software is an assurance on quality and safety and goes well with Life Science and other related enterprises.
Salient Features of MasterControl Audit Management:
- Compliance Management
- Dashboard
- Internal Controls Management
- Issue Management
- Risk Assessment
Ratings from Capterra: 4.6 Stars
LogicManager:
The primary role because of which one prefers audit management software is its efficiency, and LogicManager aims to deliver the same. It helps you with certain vital aspects such as performing risk assessments, goals prioritization, document control, and operational objectives. This software is a standardized solution to effectively streamline your audit process, apart from collecting actionable information, capturing objective assessment, and deploying winsome presentations with configurable reports. This software additionally provides the merits of cost-effectiveness, flexibility, and risk management.
Salient Features of LogicManager:
- Alerts/Notifications
- Audit Planning
- Compliance Management
- Dashboard
- Issue Management
- Risk Assessment
- Task Management
- Workflow Management
Ratings from Capterra: 3 Stars
Onspring:
Onspring is a cloud-based audit management system that helps raise the company’s performance , while also letting you plan strategically thereby having full control over the internal audit process. With a user-friendly interface, Onspring takes the responsibility of aligning audit plans and help management to manage workflow, work papers, findings, and review notes. Hence, eliminating all the significant risks that could arise otherwise. This software also assists the auditor with smart reports and role-based dashboards.
Salient Features of Onspring:
- Alerts/Notifications,
- Asset Tracking,
- Audit Planning,
- Compliance Management,
- Dashboard,
- Forms Management,
- Issue Management,
- Mobile Access,
- Risk Assessment,
- Task Management,
- Workflow Management
Ratings from Capterra: 4.8 Stars
Gensuite:
Adopt Gensuite if mitigating the risk factors have been on your cards as this software helps companies ensure the required compliance for the same. Being easy and convenient to use, Gensuite is an EHS software that facilitates organizations to manage all the complex audit issues in an easy-to-go manner. This software offers a complete spectrum of solutions to your company such as asset management, responsible sourcing, product stewardship, and security. Moreover, you can relish 60+ applications and that too with exceptional versatility as you integrate this software into your mobile.
Salient Features of Gensuite:
- Compliance Management
- Issue Management
- Multi-Year Planning
- Risk Assessment
- Dashboard
Ratings from Capterra: 4.3 Stars
SmartSolve:
SmartSolve, a standardized audit management software is your best aid if you’re thinking of simplifying the audit planning process. It is a systematic and logical audit management system that boosts auditors’ productivity with the help of its advanced features. It helps you align the workflow thereby bringing in the aspects of audit review and flexibility. SmartSolve also helps you resync with your company even from any remote location that is devoid of network connectivity.
Salient Features of SmartSolve:
- Audit Planning
- Compliance Management
- Issue Management
- Risk Assessment
- Dashboard
Ratings from Capterra: 4.2 Stars
IQS:
IQS falls into the category of highly configurable software that complies with professionals of different departments to gather more audit information. IQS audit management software generates automatic triggers to corrective and preventive actions and enables the users to build audit templates, customized reports, intuitive charts, and interactive dashboards. Furthermore, this software gives you space to focus on matters such as inventory tracking, audit findings, offline audit management, and technical aspects.
Salient Features:
- Audit Planning
- Compliance Management
- Dashboard
- Issue Management
- Risk Assessment
Ratings from Capterra: 4.2 Stars
AuditBoard
One of the leading cloud-based platforms that is designed by auditors, for auditors steering a change in how enterprises automate, collaborate, and report on risk. AuditBoard has an integrated suite comprising intuitive audit and compliance solutions that helps align controls management, workflow management, internal audits, and SOX. It is a top-notch audit management system that is embraced by a palette of clients from pre-IPO companies to Fortune 50 companies.
Salient Features of AuditBoard:
- Compliance Management
- Dashboard
- Exceptions Management
- Internal Controls Management
- Issue Management
- Multi-Year Planning
- Risk Assessment
Ratings from Capterra: 4.7 Stars
TeamMate + Audit
TeamMate+ is a seamlessly integrated user interface that helps you draft out the gap between audit managers and stakeholders by syncing data flow and work patterns. This software even assists you eliminate errors and inconsistencies in data by effectively implementing a systeming audit process. TeamMate+ addresses the importance of timely adopting and following streamlined audit management systems to easily match the evolving demands of the technological environment.
Salient Features of TeamMate + Audit:
- Alerts/Notifications
- Audit Planning
- Dashboard
- Issue Management
- Mobile Access
- Risk Assessment
- Task Management
- Workflow Management
Ratings from Capterra: 4.5 Stars
Qualityze EQMS:
Do you belong to the manufacturing, life science, pharmaceuticals, aerospace or healthcare sectors?? Well, then the Qualityze EQMS is the best audit management software solution that comes with easy configuration and scaling. Moreover, it helps your company solve different compliance matters, while creating policies for good quality, as well as maintaining it thoroughly.
Salient Features of Qualityze EQMS Audit Management Software:
- Compliance Management
- Dashboard
- Exceptions Management
- Internal Controls Management
- Issue Management
- Multi-Year Planning
- Risk Assessment
Ratings from Capterra: 4.9 Stars
monitorQA:
monitorQA is one of the cutting-edge solutions that facilitates front-line employees to take a track of safety standards and quality in the workplace. Being the mobile-first technology, monitorQA allows your company to develop intelligent checklists, carry out on-site inspections, analyze data, and even provide real-time insights.
Salient Features of monitorQA Audit Management Software:
- Alerts/Notifications
- Audit Planning
- Compliance Management
- Dashboard
- Forms Management
- Issue Management
- Mobile Access
- Risk Assessment
- Task Management
Ratings from Capterra: Not provided yet
MeazureUp:
One of the market-best cloud-based solutions, MeazureUp allows you streamline the different assessments while also ensuring that consistency is maintained across the enterprise. This software helps businesses scale the growth by making use of the real-time data. It also ensures that the experience of the end-users or the brand value is not hampered in this process.
Salient Features of MeazureUp Audit Management Software:
- Compliance Management
- Dashboard
- Issue Management
Ratings from Capterra: 4.6 Stars
ProcessGene GRC
ProcessGene GRC could help you with three vital aspects of audit management namely, governance, compliance, and risk. Yes! Keeping in mind the following three points, it could be known that ProcessGene GRC is one of the dominant software solutions. Moreover, it is a process-driven software used by multi-subsidiary enterprises that also works towards mitigating manual labor enormously. ProcessGene GRC also stands accountable for having an automated workflow which further plays the role of catalyst to reduce the time, cost, and effort of GRC.
Salient Features of ProcessGene GRC Audit Management Software:
- Compliance Management
- Dashboard
- Exceptions Management
- Internal Controls Management
- Issue Management
- Multi-Year Planning
- Risk Assessment
Ratings from Capterra: 4.5 Stars
AuditDashboard
AuditDashboard is accountable for merging the safe and secure client portals with versatile portals developed by the clients. It is a cloud-driven tax and audit management software that amalgamates the advanced standards of security with the software mission in order to make the auditors’ life smooth and easy. Additionally, this software also takes charge of updating how the clients and professionals operate in tandem with each other.
Salient Features of AuditDashboard Software:
- Dashboard
- Multi-Year Planning
Ratings from Capterra: 4.2 Stars
Isolocity:
Isolocity is an automated software that offers you a wide range of capabilities such as real-time speculation, human resources, part inspection, internal auditing, document management, amongst others. Considered one of the great cloud-based softwares, Isolocity also stands responsible for mitigating the labor requirement that’s required for quality compliance. On top of that, it helps you easily avail the ISO Certification.
Salient Features of Isolocity Audit Management Software:
- Compliance Management
- Dashboard
- Internal Controls Management
- Issue Management
- Multi-Year Planning
- Risk Assessment
Ratings from Capterra: 4.8 Stars
Conclusion
Big professional servicing companies and accounting firms aren’t technology-oriented companies, yet they choose technology as their core on accounting the future. Technologies like AI/ML are highly beneficial for audit companies to derive more data insights to their clients which they can’t do with the traditional auditing process.
With the aid of advanced technologies like AI/ML, auditing firms can evaluate their client’s transactions in real-time. This helps firms to provide the desired data insights for altering their business performance according to the trends and anomalies.
Author Bio:
Heli enjoys being in the ‘technosphere’ to analyze the next best technology for enterprises and product managers. Check out her blogs to catch up her opinions on product enhancement with the best of the technology.
