3 Best Audit Management Tools for a Streamlined Audit Process

Although audits might seem like a once-a-year concern, risks are year-round. So, one of the best ways to improve the audit process is by continuously monitoring and responding to risks. The easiest way to accomplish this is by using audit management software.

This software is designed to support compliance and risk analysis. It allows you to identify risks, but also to rate their impact and adapt to constantly changing circumstances. The top tools integrate various aspects of compliance and risk analysis and give you plenty of time to address issues in advance. Below, we’ll explore some of the best audit management tools on the market.

Criteria for Choosing Audit Management Tools

Here are some of the main considerations you should take into account when selecting new audit management software.

• Compatibility with IT infrastructure: This is the first thing you should look for when choosing a tool. Only consider those that work with your existing infrastructure.
• Ease of use: A user-friendly tool will support employee buy-in. If the system is too confusing or segmented, your staff won’t be able to use it effectively.
• Integration with other software systems: This is the simplest way to pool data across business functions.
• Automation capabilities: The best software tools eliminate the need for manual work and lower the risk of human error.
• Customization: The tool should offer access to features and reports relevant to your company or industry, and allow you to customize its functions.
• Scalability and flexibility: You’ll need to be able to embrace new procedures and developments. A system that leaves room for growth and adjustments will have a higher ROI over time.

1. AuditBoard

AuditBoard is a cloud-based, unified platform for audit, risk, ESG, and compliance management. Its “connected risk architecture” means it’s best suited for companies looking to improve their internal collaboration and manage their risk data from one source.

Features

• Automated workflows: A centralized platform means improved employee interaction and better time and resources management. By focusing on a “user-centric experience”, tasks are easily delegated, tracked, and completed.
• Reporting and analytics: Data is converted into easy-to-read charts and graphs that are color-coded by risk. Reports are available in real-time and give you a complete view of your company.
• Integrations: AuditBoard can integrate with 18 other cloud-based platforms, including AWS, Microsoft Office, Slack, Jira, GoogleDrive, and more.
• Additional native applications: AuditBoard offers extra management, risk, audit, and compliance products to improve your audit process further. This includes RiskOversight, CrossComply, SOXHUB, OpsAudit, ESG, and TPRM.

These features can help your company zero in on areas at risk for non-compliance and fraud before external audits. It also means such issues can be caught before they cause expensive problems, saving you both time and money.

Rating

AuditBoard gets consistently high marks for ease of use and customer support. Customers are impressed with its efficient and intuitive features. It currently has a rating of 4.6 out of 5 on Gartner, based on 286 reviews.

This software works well for companies of all sizes, but may not be budget-friendly for smaller businesses.

Pricing

AuditBoard doesn’t make its pricing plans publicly available. If you’re interested, you need to contact them for a customizable quote based on your company’s size and needs. Pricing plans are subscription based and there’s no free plan or version available. In comparison to other platforms, prices are on the higher end.

2. TeamMate+

TeamMate+ is a comprehensive software tool built specifically for audit management. With complete workflow solutions, it handles the audit process from planning and execution to reporting and follow-up. This makes TeamMate+ best suited for companies who want an end-to-end audit management solution.

Features

• Configurable and scalable: TeamMate+ is flexible and can be configured to fit your business model and audit strategy, whether this is to launch a new process or fit in with the current one. This also means TeamMate+ can grow with your business and adapt as your business needs change.
• User-friendly dashboard: TeamMate+’s dashboard visually showcases data to give you a comprehensive overview of your audit process. Its color-coded representations can track various trends and warn you beforehand of possible risks.
• Analytics and reporting: With its native Excel-based analytics tool, TeamMate Analytics, you can view important data to make strategic decisions and reach your organizational goals.

The end result is that internal audits are more likely to catch problems before they become issues and can provide information to external auditors more efficiently. This reduces audit billable hours and overall expenses.

Rating

TeamMate+ has received positive feedback on its customization and integration capabilities, as well as user-friendliness and customer support. Based on 49 reviews on Gartner, TeamMate+ scores 4.2 out of 5. This program works well for companies of any size.

Pricing

TeamMate+ offers subscription-based pricing, but no free plan. Pricing plans aren’t publicly available, so you have to contact a sales representative for a personalized quote according to your requirements.

3. Resolver

Resolver has modules for audit, risk, compliance, investigations, and security operations. The audit module is a cloud-based platform for your company’s internal audit, including planning, execution, and reporting. Resolver is best for companies with less than 1,000 employees or users as its currently customizability may not be enough for bigger companies.

Features

• Centralized platform: Employees can manage processes, risks, controls, and tests from one location. This means workflows, reminders, and alerts are automated to allow departments to easily share information between them.
• Reports & interactive dashboard: View the latest risk exposure data to prioritize risks and allocate resources accordingly. Alternatively, you can view “snapshots” of data on the dashboard by applying the necessary filters.
• Assessment templates: Standardize your assessments with Resolver’s templates, complete with built-in IPPF performance standards.
• First-line client engagement: Use Resolver’s portal to encourage clients to submit and review documents.

Rating

Resolver has positive reviews for ease of use and reporting capabilities, as well as integration and customer support. Based on 10 reviews on Gartner, it has a rating of 4.6 out of 5.

Pricing

Resolver offers subscriptions with customizable pricing based on each company’s needs. Its pricing plans aren’t available publicly, so you can request a specific quote through its website. The total cost will vary based on the company’s specific needs, as there is no set price or free plan option.

Comparing Audit Management Tools

To make the best decision for your company, you’ll need to evaluate and compare each solution based on your specific circumstances. Create an audit software checklist to define your requirements and preferences. For example, you might prefer a unified platform, a comprehensive solution, and/or a cloud-based system.

Keep in mind that tools with automated workflows, integration options, and advanced analytics will likely be more expensive. Consider whether the increased efficiency these features provide is worth the higher price tag.

Moving Forward

Audit management software is a critical part of a proactive approach to risk. All three of the tools above can help streamline your audit process. After choosing and implementing a software solution, be sure to gather feedback from your audit team on whether it’s working for your company. This will help you ensure that you’ve chosen the right tool.

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