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Top 7 audit management software to explore

Top 7 audit management software to explore

Internal audits are information-heavy in nature. This is especially true for medium-sized and larger organizations, where several transactions take place daily. Human auditors are likely to be overwhelmed with such data overload, which is why companies use audit management software tools. The tools ensure the smooth implementation of audit tasks. There are many tools available when it comes to audit management and task implementation. Here are some of the best ones:

ACL GRC
This is one of the most robust and reliable audit management software tools. ACL GRC is useful for companies that take a comprehensive approach to risk management and auditing, all while ensuring that regulatory audit compliance is maintained. This tool can do it all – risk management, planning, execution, reporting, and process verification. In that sense, it is truly an all-round audit software that companies can purchase. Many of the top organizations in the world use this audit management software tool as it makes the audit process more transparent, strengthens overall governance practices on a company-wide level, and streamlines audit workflows.

Some of the key features of this tool include active risk assessment, simplified audit planning, reporting and analytics, workflow automation for reduced human error and task completion time, and compliance management protocols. However, the tool does come with some drawbacks. For instance, its complex nature can make it difficult for a new user to master all its functionalities. Also, this tool makes it necessary for companies to have substantial hardware resources in place, making its implementation costly.

AuditBoard
Unlike many other entries on this list, AuditBoard is a cloud-based audit management software system. Despite its lack of in-house infrastructure for organizations, this tool is adept at combining risk detection and management, auditing, and compliance functionalities. Additionally, this tool also provides a unified platform for easy integration of all these functions in one place for companies and their employees.

It has an incredibly intuitive, visually alluring, and easy-to-use user interface. As a result, this tool makes it easy for different departments of the audit committee in organizations to collaborate, streamline data exchange, and have a transparent audit framework for every player involved.

Some of the key features of this tool include workflow automation, real-time audit analytics, document management to make operations paper-free, active risk assessment capabilities, and a unified platform for managing all the audit work in one place.

Workiva
Workiva prioritizes transparency in the audit process from start to finish. As a result, this tool comes with an extensive array of data collection and documentation capabilities so that companies can have full disclosure of financial and non-financial data whenever necessary. Like the previous tool, this one is also cloud-based and excels in simplifying complex reporting and disclosure challenges that come with making audits for businesses.

This tool is perfect for accounting purposes and companies in the financial services sector. This software is commonly used by accountants and financial reporting managers.

TeamMate+
For companies looking to buy end-to-end audit management tools, TeamMate+ is the perfect solution. This tool effortlessly helps audit leaders and auditors in companies execute workflows and manage the various verification processes in a hyper-quick time. Like all the best audit management software tools, this enables the integration of multiple critical business systems and information to provide comprehensive data-driven analysis and make complex auditing and reporting operations quick and, essentially, a breeze. This tool’s intuitive user interface makes it a proven winner for organizations from diverse ecosystems such as financial services, local government work, educational spectrum, and every sector in between.

Netwrix Auditor
Many tech experts recommend Netwrix Auditor to companies seeking the best IT auditing tool available. This tool was designed to detect security threats, assist IT teams in maintaining stable deployments, and ensure compliance. Unlike many other complex, premium, and highly fancy tools on the market, this one has a simple, straightforward, no-frills interface that is easy to use, even for novice users.

Some of the standout features of this tool include a unified and centralized data collection capability that lets companies reduce the time needed to compile data from different sources, the predefined reports mapped out to comply with industry auditing standards and rules, and integration with a wide range of tools such as SQL Server, Azure AD, and Microsoft 365.

MetricStream
For businesses seeking the best tools for governance, risk, and compliance features, MetricStream ticks all the boxes perfectly. This is a perfect governance, risk, and compliance (GRC) software solution with a connected product line that facilitates business GRC, ES GRC (environmental, social, and corporate GRC), and seamless internal audit management. Apart from being an outstanding audit management tool, this software system also provides risk management, compliance, and governance for IT operations and business operations.

Archer
Like many of the tools listed here, Archer is also a useful allrounder of an audit management system for companies looking to streamline their auditing, reporting, compliance management, document management, supplier management, and complaint management all in one unified, hyper-intuitive space. This tool has an easy-to-use user interface and can perform complex tasks effortlessly with minimal usage of resources and minimal hardware requirements.

Some of the other incredible audit management tools out there include Qualio, Compliance Checkpoint, and AuditDesktop.

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