8 Best Audit Management Software  (December 2024) – CoinCodeCap

When risk owners and management fail to recognize or adequately mitigate risk, internal auditors must give independent and objective analysis. The audit management solutions market meets this demand by automating internal audit procedures with its primary and secondary offerings. In this article, we will learn about the 8 Best Audit Management Software. 

What is Audit Management Software? 

Audit management helps businesses and organizations document and track their internal controls and financial reporting processes. It helps these firms ensure that their financial reports are accurate and in compliance with industry standards. The audit management system provides a consolidated platform for documenting and monitoring internal control systems, tracking changes, and analyzing reports and transactions for defects. It can also help businesses detect potential fraud risks and develop ways to mitigate them. The best audit management software is essential for any organization that wants to comply with industry standards while preserving financial control and accuracy. By providing real-time update notifications and automatic reporting, it can help to reduce the risk of errors and fraud.

Top 8 Audit Management Software

AuditBoard

• AuditBoard manages audit planning, fieldwork, and publishing from a centralized platform. Teams can shorten their audit lifecycle to address compliance requirements and prevent costly instances.
• The application supports major compliance frameworks such as GDPR, HIPAA, ISO, NIST, PCI, SOC 2, and others.
• A single console allows you to view auditable entities, critical KPIs, and their associated risks. Conduct risk assessments and identify coverage gaps in an audit-friendly manner.
• Streamline finding management, quickly generate reports, discover issues during testing, assign owners to action plans, and follow issue progress in real time.
• Create audit templates to save time and assure consistency. Automated workflows can help to streamline testing, remediation, and reporting.
• Automate email notifications for audit questionnaires, evidence requests, and reminders. Maintain a centralized console for audit-related contacts with an easily accessible audit trail. 

Sprinto 

• Sprinto is a risk, compliance, and audit management platform. It enables SaaS organizations of all sizes to minimize time-consuming audit preparation operations and quickly complete security audits without affecting team bandwidth.
• Sprinto’s audit network allows you to choose an auditor based on proximity, pricing, customer portfolio, and tailored suggestions.
• Automates documentation, system snapshot collection, and evidence generation to assure control readiness without requiring many back and forths.
• Proactively monitors controls across your cloud environment, prompts remediation for failing tasks, tracks changes, and captures it all in a way that emphasizes security, demonstrates compliance, and reassures auditors.
• Implement and maintain auditor-grade security procedures for frameworks like SOC 2, ISO 27001, HIPAA, NIST, PCI DSS, and other custom frameworks.
• Teams can conduct an internal audit by assigning owners to each control and addressing deficiencies with AI-based accurate recommendations.

Diligent One Platform

• The Diligent One Platform aims to improve board management and Governance, Risk, and Compliance (GRC) operations. 
• This centralized solution provides customers with a comprehensive view of risk situations across their firm, delivering crucial data to board members to help them make better educated decisions.
• A unique aspect of the Diligent One Platform is its centralized audit insurance. This improves visibility across numerous audits and allows users to have a detailed audit history. 
• By integrating important assurance functions, the platform promotes clearer communication and sound decision-making.
• The Diligent One Platform also offers Diligent ACL Analytics, which provides advanced audit analytics. From the same interface, users may collect, clean, and normalize data, perform analytic operations, get actionable results, and create visually appealing reports. 
• Finally, the Diligent One Platform has purpose-built reporting capabilities that provide extensive insights into audit progress. 
• These tools can be used in Word, PowerPoint, and to create bespoke dashboards. They also enable the generation of reports that seamlessly cater to a wide range of stakeholder requirements. 

Workiva

• The platform is used by teams in accounting and finance, audit, risk, and compliance, ESG and sustainability, and legal. It serves several businesses, including banking, education, insurance, and investing.
• Reduce manual tasks by automating evidence collecting, engagement reporting, and end-to-end risk assessment processes.
• A real-time dashboard can help you make better decisions by providing access to pertinent data.
• The platform also has powerful reporting features; using real-time dashboards, customers can access data as needed, allowing them to make informed and sensible business decisions.
• Workiva’s service makes audits more efficient, allowing managers to stay flexible and informed thanks to automated workflows and real-time data capture. 
• It enables firms to streamline their auditing processes, respond swiftly to new developments, and offer accurate, audit-ready results. 

SAP Audit Management

• SAP is a robust system that automates internal audit operations, increasing productivity and quality. 
• SAP, which may be used on-premises or in the cloud, accelerates audit operations such as evidence documentation, electronic working paper organization, and audit report production. The software also has mobile capability and simple drag-and-drop utilities.
• SAP automates audit operations, resulting in significant time savings from evidence documentation to report generation. The platform enables auditors to do fast risk evaluations in a collaborative and integrated manner. 
• It increases auditor productivity and encourages a cooperative working atmosphere by integrating user-friendly interfaces and advanced collaboration tools. 
• It also includes the ability to manage and transmit audit results consistently, ensuring openness and control over the audit process. 
• This includes the platform’s ability to standardize reports using pre-defined templates and automate issue tracking, which reduces the possibility of duplicate findings and aids in the visualization of data. 
• Finally, the platform connects with SAP Risk Management and SAP Process Control, creating a cohesive architecture for the organization’s auditing requirements.

Thoropass

• Thoropass is a compliance and audit software solution that provides in-house auditors, analyzes compliance security posture, and automates evidence collecting from a single console. 
• Users can demonstrate compliance using frameworks such as SOC 1, SOC 2, HITRUST, ISO 2700X, and PCI DSS.
• It lowers the audit cycle by automating verification and auditor approval.
• This platform promotes transparency, timeliness, and predictability by preventing third-party vendor collaboration confusion.
• Thoropass combines technology and knowledge to ensure error-free and completely validated audit programs. 
• Employee training, response to due diligence questionnaires, and activity tracking are all well managed compliance processes.
• Auditor-approved integrations and checks collect only the essential data while alerting on noncompliance.

LogicGate

• LogicGate is a compliance audit program that enables businesses to scale and adapt to their risk environment. 
• It reduces control duplication, automates evidence collecting, and improves program efficiency by combining risks, controls, evaluations, and evidence in a single platform.
• LogicGate connects with internal controls to discover gaps and redundant compliance requirements, connects controls and evidence across several frameworks, saving time.
• This platforms automates control evaluation, alerts control owners, and connects control evidence to the cloud for documenting and producing reports
• Furthermore, it provides pre-built dashboards and reporting options for tracking audit status and control effectiveness.
• In addition, it facilitates audit readiness engagement with stakeholders by allowing users to communicate reduced duplicate controls and completed corrective actions.
• The internal audit management tool assesses and enhances existing governance, risk, and control programs to assure audit readiness for the next cycle.

ETQ Reliance

• ETQ Reliance is a cloud-based quality management platform that enables enterprises to manage quality processes across the product lifecycle. 
• It includes 40 integrated applications, with a focus on document control, corrective and preventive action (CAPA), supply chain quality, nonconformance management, and audit management. 
• The audit management module provides total control over the auditing process, including planning, execution, approval, and reporting.
• ETQ Reliance’s audit management tool is extremely adaptable, allowing firms to tailor audit checklists, questions, and scoring methodologies to suit their internal quality standards, promoting company wide adoption.
• Workflows can also be adjusted to increase compliance and internal audit readiness. ETQ Reliance consolidates all audit components into a single, easily accessible area, increasing audit preparation efficiency. 
• The platform also provides in-depth, actionable insights from audit findings, allowing users to begin investigations, carry out corrective actions, and initiate modifications right from the audit record. 
• ETQ Reliance improves audit readiness and reduces anxiety connected with audits. Businesses may manage and follow their quality audits remotely thanks to customizable workflow and profile configurations. 

Conclusion 

As the company environment becomes increasingly regulated, the capacity to pass an audit swiftly and efficiently will only grow. Among all the aforementioned platforms, Auditboard emerges as the best. It is appropriate for businesses of all sizes due to its cloud-based design and scalability. Since AuditBoard combines flexibility with a depth of audit capabilities not seen in other systems, it is the top choice for firms looking to govern effectively through GRC management.

Frequently Asked Questions

Is it possible to customize audit management software?

Yes, you can personalize audit management software by adding, removing, or modifying existing aspects. Audit management software can be configured in a variety of ways to fit a specific goal or project.