Top 10+ features of the right audit management software

With the help of audit management software, an audit can be completed with greater efficiency. This leaves more time for auditors to qualify results and provide constructive feedback.

Below are the top 12 benefits of audit management software.

User experience and design

User-friendly design

An auditor’s ability to quickly adapt to a new software system is a key driver of successful audits.

A user-friendly software design also bolsters auditor satisfaction and helps retain top performing auditors. When choosing audit management software, you should seek software with the following qualities:

• Compatibility with a variety of devices, including tablets and other mobile devices
• A user interface with a short learning curve
• An intuitive format that smoothly guides users from step to step
• A design that makes it easy to prepare professional reports
• The ability to retrieve required data quickly

Easy to customize

Audits are like DNA in the sense that no two audits are exactly alike.

Audit management software should be flexible and customizable to reflect the nature of the audit and the type of organization being audited.

For instance, managed healthcare organization audits focus on HEDIS compliance, care coordination, and quality improvement. Safety audits, on the other hand, evaluate compliance with Occupational Safety and Health Administration (OSHA) standards, safety training, and ergonomics.

Below are some of the many types of audits that audit management software can help with:

• Process audits
• Financial audits
• Manufacturing audits
• Product audits
• Safety audits
• System audits
• Compliance audits
• External audits
• Internal audits

If you are looking for a solution that brings these audit capabilities together in one platform, here is how Tallyfy approaches process auditing.

Standardization and quality

Standardized audit evaluation tools

Audit management software yields the greatest results when tools and processes are standardized across your organization.

Standardization is important because it helps with comparing audit results from multiple organizations.

Software plays a large role in standardization by providing uniform features such as the following:

• Audit checklist templates
• Set evaluation criteria
• Uniform tracking methodology
• Corrective action tracking tools

Templates for Audit-Ready Workflows

Example Procedure

Account Reconciliation

1Compare internal cash register to bank statement

2Identify unmatched transactions between records

3Check for bank errors or recording mistakes

4Review and verify all matched transactions

5Complete reconciliation and document adjustments

View template

Example Procedure

Financial Statement Preparation Workflow

1Gather financial source documents and trial balance

2Record adjusting journal entries for period-end

3Run adjusted trial balance report

4Classify accounts into financial statement categories

5Perform accuracy checks and reconcile statement totals

+3 more steps

View template

Fewer errors

Error reduction is one of the most valuable benefits of audit management software. In our conversations with audit operations teams, error reduction consistently ranks as the most valuable benefit. A professional services firm that had been operating with “unstructured, undocumented workflows” discovered staff were performing outdated or irrelevant tasks without even knowing it. After implementing proper audit trail documentation, they achieved a 75% headcount reduction while increasing revenue 4X - proof that eliminating errors and redundancies creates massive efficiency gains.

The manual methods used with traditional audits mean that results can be influenced by human error. This can negate the validity of audit data.

A strong software system greatly reduces the likelihood that human error will contaminate audit results.

Here are some software features that help reduce errors:

• Automation of tasks
• Smooth integration with existing quality systems
• Automatic tracking of audit activities

Visual statistics

Software with a visual interface and a customizable dashboard enable auditors to quickly see a snapshot of progress and results.

This concise visual format allows users to easily relay results to managers and stakeholders.

Below are some examples of visual statistics offered by audit management software:

• Graphs
• Pivot tables
• Trending data

Notably, identifying audit trends is helpful to auditors and companies alike.

While auditing trends have always existed, audit management software brings them to life in a visual, organized format.

Cost savings and productivity

Affordable

Effective audit management does not have to be costly.

Software offers a cost-effective solution to auditors seeking an inexpensive way to improve their efficiency. Cost savings begin immediately with a drastic reduction in auditing materials such as paper modules and binders.

Your return on investment will continue with the following opportunities to save:

• Total audit time is reduced, enabling auditors to maximize their time
• Companies can return to business as usual faster, optimizing revenue
• Cloud-based software means that companies can save money on auditor accommodations

A venture capital firm managing 500+ investments saved $150,000 annually by avoiding new operations hires after implementing audit-ready documentation workflows. They also saved 5 hours per deal on compliance checks - that is thousands of hours across their portfolio and the ability to complete audits ahead of schedule.

Enhanced productivity

Traditional audits are time consuming because they involve manual entry of information and data.

Audit management software saves time, energy, and money for people who invest in it. When evaluating software options, you should give priority to software providers who promise to improve your efficiency.

Some of the specific ways audit management software will enhance productivity for auditors and customers include the following:

• Improved data quality
• Reduced audit completion time, which enables everyone to devote attention to increasing revenue faster
• Heightened overall performance

Is audit chaos acceptable?

Eco-friendly and fully digital

Audits of the 1990s and early 2000s were probably marked by stacks of 5-inch binders containing evaluation criteria for compliance with key standards.

This approach was not environmentally friendly because every audit would require reams of paper, a host of printing supplies, and binders - not to mention wear and tear on printing devices.

The best audit management software virtually eliminates the need for paper, binders, and printing supplies.

By investing in audit management software, auditors save money and preserve the environment by using a convenient online platform. Auditors no longer need to lug around heavy, cumbersome binders because they can complete their work using a tablet or laptop computer.

Cloud and automation capabilities

Cloud-based audit management

Conducting an audit is an intense process that often requires the ongoing participation of an entire auditing team in addition to auditing managers.

This presents a challenge for companies with managers who travel or who work from remote locations.

Fortunately, choosing audit management software that is cloud-based allows employees to prepare for an audit at any point in time and from any location.

Advantages of cloud-based audit management software include:

• Auditors can conduct work using their preferred device
• Ability to conduct inspections and customize tools from a remote location
• Apps permit auditors to file reports at any time from any location

Effective automation

At Tallyfy, we have seen how automating internal auditing processes leads to improved quality and more accurate results.

Automation in the auditing process helps with documenting evidence and generating auditing reports. Time is saved and auditors are able to devote their energy to offering feedback and guidance.

Among the most widely used automated tools is the creation of audit templates.

Users can create templates quickly and easily to provide auditors with a customizable preliminary framework to conduct the audit. Audit templates are created by saving the most widely used keywords and organizing them into categories.

This allows users to easily specify the checklists and questions they require. Templates can be modified and questions can be added as needed.

Global applications and extensibility

Maintaining a competitive edge in the audit management industry requires a willingness and desire to expand into emerging markets.

When evaluating software options, you should seek a provider with a strong global presence.

This helps to ensure the following:

• Auditors have the tools to properly conduct their job regardless of location
• Standardization is maintained even when auditing companies with a presence in multiple countries
• Platforms that consider cultural competency during the design phase

Getting started

Free product trials

Leaders in the audit management industry are confident about their software’s ability to produce measurable results.

They welcome opportunities to demonstrate their software to prospects and use the following strategies to showcase the benefits of their software:

• Participation in industry trade shows
• Preparation of online videos or tutorials
• Free 30 day product trials

Ready to transform your audit management processes? Explore how Tallyfy can help streamline your audits.