Five Audit Management Software alternatives to have better control over your auditing assignments


 

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Controlling your audit assignment is vital to meet the statutory deadline, cost control, resource optimization and client satisfaction. Today we are presenting an overview of the five popular audit management software solutions.

What to expect from Audit Management Software?

1. Client and project data management

2. Auditing methodology, audit program, knowledge base, templates and document management

3. Audit Plan and Resource Management

4. Audit Working Papers Management

5. Time and Expense Management

6. Audit Risk Management

7. Reporting and Workflow Management

Benefits of using Audit Management Software:

1. Defines the methodology to be followed while executing the audit. Everyone follows the same methodology and program and hence brings uniformity and quality in the entire process.

2. Increases efficiency of the entire audit function through planning and resource management. Brings clear visibility into personnel assignment and tracking of assignments

3. Enhances quality of the audit by bringing in best practices to assess and test controls

4. Enables creation of knowledge base about a client/industry which can be repeatedly applied every year

5. Automates audit report generation

6. Reduces time spent in documenting and reviewing audit work papers

7. Supports risk based auditing

8. Enables synchronization of audit related data

9. Enables performance review of the auditors

10. Saves time on administrative tasks such as planning, budgeting and monitoring

Making a case for Audit Software:

If you have ever experienced the following, you require audit management software:

1. Don’t know your audit priorities, which assignment to take first, whom to deploy on an audit, how to track their progress, how to measure their performance

2. You are becoming MS Excel expert, writing formulas to compare current year and previous year data, consolidating the information and versioning your MS Excel Sheets. Finally when you are done, you don’t know where to store it for the next use

3. Each auditor has his own style of working. There is no consistency in auditing approach and methodology. If the auditor changes the job, you have to redo everything

4. There is no easy way to get at a glance understanding of the status of the audit work

5. You can’t identify recurring issues and trends for a specific audit

6. You are finding it difficult to synchronize all the information you gathered

7. There are always delays in executing audit work and late night sitting is inevitable

Five Audit Management Software Solutions:

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