What is Audit Management SoftwareAn audit management software system is a computer application that helps in minimising 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 FeaturesLifecycle ManagementAn 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.Customisable AnalyticsA standard audit software provides fully customisable analytics that present the relevant insights related to different risks and control of audits.Data-GatheringThe software comes with data-gathering and aggregation infrastructure to help individuals and organisations perform any audit they require.Dynamic Logic ExecutionWith 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 CorrectionThe audit management system helps an organisation take preventive and remedial measures by referring to the results of an audit.Reporting and AnalyticsAudit documentation software also provides comprehensive reporting and analytics tools for enhanced monitoring and decision making.Audit Management Software ModulesCompliance Audit Management Software For MarketRisk management software assists companies manage risks as well as centralise, consolidate, automate, and streamline processes. All these procesess ensure organisational adherence to meet standards and regulations required in a given industry.Contract ManagementContract management software, helps in the effective organisation of contracts from partners, vendors, customers, or employees. It also assists in managing the lifecycle of customers and contracts.Intellectual Property ManagementIntellectual property management softwarenbsphelps businesses in the acquisition of trademarks and patents.Law Firm SoftwareLaw firm software assists attorneys and IP law firms conducting litigation and IP filings.CA Office Management SoftwareCA office management software is a computer application explicitly designed for chartered accountants to maintain the records and other financial data of their clients.GRC SoftwareGRC 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 FacilitateManagement AuditManagement 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 AuditQuality audit is a vital part of an organisation'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 ChecklistA 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 AuditIT audit is the process of monitoring and assessing a companys IT infrastructure, operations and policies. IT audits ascertain whether the information technology that safekeeps the companys assets and data are in tandem with the company's overall objectives.System AuditSystem 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 AuditWith the help of an audit management software, businesses can implement a process audit. Process audit is about monitoring outcomes of the various processes to determine whether the activities and resources are executed effectively.Bank Audit ProcedureBank audit is one of the most crucial processes for any financial institution. With the help of audit management system, financial statements of the institution are verified to ensure that the final accounts represent the financial position of the bank accurately.AuditnbspManagement Software Comparison with Teammate AuditFree and Open Source Audit Management SoftwareSome audit softwarenbspcompanies allowed to download free auditnbspmanagement software full version for trial along with the specific feature.