Internal Audit Software: Saving Costs and Boosting Efficiency

July 27, 2017

Why implement internal audit software

Besides being general best practice, Internal Audit Software provides an organisation with a
systematic and disciplined approach to the audit process. Using Internal Audit software can
boost efficiency for internal audit departments creating greater cost savings and they can
boost the overall capacity of understaffed departments. Other benefits of using internal audit software include:

  • Creating a central and secure repository for all audit documentation
  • Giving access to audit information and documentation regardless of location, or stage of the audit process
  • Providing a highly structured format to support the audit process of planning, execution, reporting, follow-up and document management
  • Increasing coordination and integration with other organisational risk management activities
  • Risk & Control based auditing ensuring that risks that matter to the organisation are audited and aligned back to the business
  • Improving insight into the business with management information system (MIS) reporting
  • Providing ‘live’ updating and monitoring of action plans as well as follow-up audits

Steps to the successful implementation of internal audit software

Software implementation:

  1. Setup groups (departments or business units) within your organization
  2. Document your existing processes / sub processes / system descriptions including risks, controls and tests
  3. Document your audit methodology including types of audit, project file organiser
  4. structure per type of audit, template documents, findings structure (e.g. standard, finding, impact, root cause, management comment, action plan), findings and project rating scale etc.
  5. Identify your audit users, their permissions (preparer, reviewer etc.) and software training requirements
  6. Ensure the software is able to generate final audit reports / audit committee reports as per your requirements
  7. Take-on: software must be able to import existing findings from Excel into the database

Now you are ready to use the software:

  1. Audit planning (where, when, who): based on high risk areas, site rating, repeat findings etc.
  2. Perform audit execution: Perform testing, risk & control assessment and raise audit findings
  3. Finalise the audit process: Review audit results, produce final audit reports, remediation action plans (living action plans), executive summary and MIS reporting
  4. Follow up audits to check the resolution of findings

For more information download our Internal Audit Software Buyer’s Guide which highlights key areas to consider when determining which internal audit software solution to purchase, including a key feature comparison checklist!