Internal audit software
Internal audit software packages are becoming popular and ultimately the best practice. They provide an organized, efficient approach to completing and documenting internal audits.
The audit software often allows team members to share and review work papers at any time or at any stage of the audit process. The automated tool can also be used to boost efficiency and serve as a capacity multiplier for understaffed departments.
Other benefits of using internal audit software packages include:
• Creates a central and secured repository for all audit documentation.
• Enables multiple users to access documentation at the same time.
• Enables access to audit information and documentation regardless of location, time zone or stage ofaudit process.
• Improves ability to control and validate final version of reports and information.
• Provides a highly structured format to support the audit process, reporting, follow-up and document management.
• An internal audit software potentially reduces document storage costs.
For many organizations, identifying the need for an automated work paper tool is an emerging process. Different factors drive the need for this type of software package.
For example, an organization may be starting a new department or facing specific events, issues or key risks; a merger may bring together two sets of auditors; departments without audit technology may realize they have become inefficient; or firms with technology already in place may find that it is no longer effective and may need to update their current software package to properly assess governance, risk and compliance all at once.
Because of these evolving needs, it makes sense for internal audit organizations to assess the need for a tool during the annual planning process. When considering this need, internal audit departments should ask the following questions.
If you answer “yes” to any of these questions, your department might be in need of an automated work paper tool:
• Is your internal audit department tasked with managing Sarbanes-Oxley compliance in addition to traditional internal audit responsibilities?
• Are you seeking a flexible, configurable application that will allow you to automate your audit process from risk assessment through reporting?
• Do you wish to achieve any of the following?
– Improve audit efficiency, accuracy and quality
– Automate issue tracking
– Access prior or current work papers from remote locations
– Perform the same audit multiple times in one fiscal year and compare results
• Are your current tools being used ineffectively?
• Have any of the following events recently occurred?
– Change of leadership.
– Significant staff turnover.
– Significant technology event such as a changeover in company platforms.
Use of internal audit software may help an organisation reduce audit human resource costs.