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Buyer's Guide
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FAQs
5 Best Audit Management Software in 2021
Gen XBRL Gen XBRL Software has been developed for professionals like Company Secretaries and Chartered Accoun...
by SAG Infotech
Monarch eAuditor+ eAuditor+ is known as one of the best ITR preparation software that is specially designed for charte...
by Monarch
Monarch M-TDS (TDS Management) M-TDS is an ultimate audit management solutions for preparing of e-TDS/e-TCS return, efilling income...
by Monarch
Easyform mAudit Site inspection and audit (mAudit) is our successful flagship product for field data collection. mAu...
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Last Updated on : 25 Jan, 2021
Buyer's Guide for Top Audit Management Software
Found our list of Audit Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!
What is Audit Management Software?
An audit management software system is a computer application that helps in minimizing the duration to pass an audit. With the help of the audit software, auditors can automate various tasks related to inspection and documentation of the compliances, standards, and policies.
It can be integrated with a document control system to ensure systematic audit documentation so that reports can be retrieved seamlessly. In several cases, a standard audit management software helps in accumulating deciding factors responsible for passing or failing of the audit.
Audit Management Software Features
Lifecycle Management
An audit management software helps in managing a complete audit lifecycle. This includes planning, creating checklists, collecting field data, creating audit reports and suggesting preventive and remedial measures.
Customizable Analytics
A standard audit software provides fully customizable analytics that presents the relevant insights related to different risks and control of audits.
Data-Gathering
The software comes with data-gathering and aggregation infrastructure to help individuals and organizations perform any audit they require.
Dynamic Logic Execution
With the help of a standard audit management system, auditors can execute specific processes as the report of a survey, audit, gap analysis, or inspection.
Result Correction
The audit management system helps an organization take preventive and remedial measures by referring to the results of an audit.
Reporting and Analytics
Audit documentation software also provides comprehensive reporting and analytics tools for enhanced monitoring and decision making.
Audit Management Software Modules
Compliance Audit Management Software For Market
Risk management software assists companies manage risks as well as centralize, consolidate, automate, and streamline processes. All these processes ensure organizational adherence to meet standards and regulations required in a given industry.
Contract Management
Contract management software helps in the effective organization of contracts from partners, vendors, customers, or employees. It also assists in managing the lifecycle of customers and contracts.
Intellectual Property Management
Intellectual property management software helps businesses in the acquisition of trademarks and patents.
Law Firm Software
Law firm software assists attorneys and IP law firms conducting litigation and IP filings.
CA Office Management Software
CA office management software is a computer application explicitly designed for chartered accountants to maintain the records and other financial data of their clients.
GRC Software
GRC software is an application designed to incorporate compliance into daily business processes like employee provisioning, role management, access management, risk assessment, etc.
Types of Audits That Audit Management Software Can Facilitate
Management Audit
Management audit is the review of various managerial policies. An audit management system can assist in these reviews such as business procedures, objectives, administration, structure and overall development of a company.
Quality Audit
A quality audit is a vital part of an organization's quality management system. Audit software provides the tools for systematic monitoring of the tasks conducted by an internal or external quality auditor or team.
Statutory Audit Checklist
A statutory audit checklist is a list of elements required to be presented as a mandate by the governing body. The audit documentation is done to make sure that the books of accounts provided to the public and regulatory bodies are accurate.
IT Audit
IT audit is the process of monitoring and assessing a company’s IT infrastructure, operations, and policies. IT audits ascertain whether the information technology that safely keeps the company’s assets and data are in tandem with the company's overall objectives.
System Audit
A system audit is streamlined with the help of audit software to monitor and enhance the effectiveness of a system. Audits are conducted to verify specific elements within the system for the smooth functioning of an institution.
Process Audit
With the help of audit management software, businesses can implement a process audit. The process audit is about monitoring outcomes of the various processes to determine whether the activities and resources are executed effectively.
Bank Audit Procedure
Bank audit is one of the most crucial processes for any financial institution. With the help of the audit management system, financial statements of the institution are verified to ensure that the final accounts represent the financial position of the bank accurately.
Audit Management Software Comparison with Teammate Audit
Free and Open Source Audit Management Software
Some audit software companies allowed to download free audit management software full version for trial along with the specific feature.
Audit Management Software FAQs
Q1 - What are the types of audit in India?
There are majorly two types of audits in India; Statutory and Internal. Statutory audits are carried out to report the current state of a company’s finances and account to the Indian government. On the other hand, internal audits are usually conducted at the request of the internal management so that they can get a proper idea of all the financial functioning.
Q2 - What is the difference between internal and external audit?
Internal audits are conducted by the company’s internal auditors, while external audits are processed by a private firm and are decided by the shareholders’ vote. Besides, internal auditors can issue their findings in any report format, while external auditors must use specific formats for their audit opinions and management letters.
Q3 - What does audit software do?
Audit software helps organisations to independently analyse the compliance of set standards, regulations, procedures, and plans of the institution; by either commissioning external agencies or employing internal staff.
Q4 - What are the importance and objectives of management audit software?
Management audit helps in the performance evaluation of different functions and processes of an organisation.
Q5 - What is the best audit software?
There are several audit management systems in India to help in both external and internal auditing procedures. Some of the top audit management software solutions available in the market are:
- mAudit
- LegalRaasta – ITR Software
- SAG GenAuditor
- ECAT - Electronic Compliance Audit Tool
- AuditMe
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