Best Internal Audit Software

Internal auditing is a critical function for companies to ensure compliance, manage risk, and promote operational efficiency. However, conducting thorough audits across multiple business units can be an arduous task without the right tools. Thankfully, advancements in audit software have made it easier for internal audit teams to perform their duties.

The best internal audit software improves productivity, automates repetitive tasks, and provides visibility into risks. With a robust platform, auditors gain valuable insights to advise management and the board on enhancing internal controls. The right solution optimizes the entire audit process from planning to reporting.

In this guide, you will explore the top internal audit software systems on the market. I will compare features, pros and cons, and pricing to help you select the ideal platform for your organization’s needs. Read on to learn what criteria matter most in audit management software and leveraging technology to elevate the performance of your internal audit team.

Best Internal Audit Software

What is Internal Audit Software?

Internal audit software is a technology solution that optimizes and automates the entire audit process for corporate internal audit teams. Key capabilities include audit planning, scheduling, risk assessment, work paper management, findings tracking, report creation, analytics, and trend identification across the audit lifecycle.

Leading solutions are cloud-based for convenient access across locations. Mobile apps enable auditors to perform duties remotely. The top features that internal audit software commonly provides include:

  • Centralized Dashboard – Track the status of all audits in real-time through key metrics and visibility into findings and risk ratings.
  • Audit Planning & Scheduling – Coordinate risk-based audit plans, build audit programs, assign resources, and schedule audits.
  • Work Paper Management – Create, share, review, and store work papers, findings, and evidence remotely in the cloud.
  • Findings Management – Log audit issues and track remediation of findings through integrated workflows.
  • Reporting & Analytics – Generate audit reports with visualizations and insights. Identify risk trends across the organization.
  • Collaboration – Seamlessly collaborate across audit teams and with other assurance functions.
  • Mobility – Perform audits using smartphones and tablets through the mobile app.
  • Integration – Connect with ERPs, accounting systems, project management tools, and GRC platforms via APIs.
  • Security – Robust permissions, role-based access, and encryption protect sensitive audit data.

Benefits of Internal Audit Software

Investing in dedicated internal audit software delivers quantifiable benefits for managing risk, ensuring compliance, and creating operational efficiencies.

  1. Increased Productivity: Automating repetitive, manual processes allows auditors to focus on higher-risk areas and judgment-based testing. Solutions with built-in templates further improve productivity.
  2. Enhanced Risk Management: Ongoing visibility into findings and remediation enforced through audit software enables organizations to proactively mitigate risks.
  3. Better Collaboration: Cloud-based platforms with seamless data sharing and messaging foster teamwork between auditors while facilitating stakeholder input.
  4. Consistent Work Processes: Standardized audit programs and methodology enforced through the technology minimize human error and drive consistency.
  5. Real-Time Reporting: Actionable dashboards provide leaders and the board with real-time insights into audit status, risk ratings, and emerging trends.
  6. Improved Agility: The workflow automation and flexibility of cloud audit software promote continuous auditing practices to keep pace with business changes.

Factors to Consider When Selecting Internal Audit Software

With many solutions on the market, it’s important to assess your internal audit team’s requirements before selecting technology. Key factors to evaluate include:

Features: Ensure core internal audit capabilities align with the audit methodology and program design needed to govern and protect the organization.

Ease of Use: The system should be intuitive and easy for auditors to learn with little training required. Complex solutions hinder user adoption.

Data Security: Robust encryption, access controls, permissions, and data privacy controls are imperative to protect sensitive organizational data.

Integration: APIs enable seamless data sharing with ERP systems, accounting software, BI tools, and GRC platforms to minimize manual work.

Scalability: As the business grows in size and complexity, the software should easily scale across locations, teams, and audit activities.

Mobility: Access to perform audits remotely via smartphone apps provides flexibility for auditors.

Ongoing Support & Training: Vendor-provided training, customer support, continuous product enhancements, and knowledge communities ease of use.

Pricing Model: Optimize cost efficiency with a solution aligned to team size, features needed, and preferred pricing structure.

Top Internal Audit Software

The best internal audit software improves productivity, collaboration, risk management, and reporting while ensuring sensitive data remains secure. Here are the top solutions on the market:

1. AuditBoard

AuditBoard

AuditBoard is an end-to-end cloud-based internal audit management software providing automation across planning, execution, and reporting. Key features include risk tracking, a custom audit workflow builder, an automated work paper repository, integrated findings management, and interactive audit reporting dashboards. It natively integrates with common data sources like ERPs, CRMs, and financial systems via APIs. They provide a comprehensive internal audit toolkit, SOX compliance assessments, and cybersecurity risk framework content for accelerating audit execution.

2. Galvanize (ACL + HighBond)

Enablon

Galvanize provides an integrated risk and compliance software suite spanning HighBond for audit management, ACL for data analytics, and Arsenal for risk management. The platform centralizes audit processes, provides SaaS and on-premise deployment flexibility, and integrates hundreds of data sources for continuous control monitoring and testing. Compliance libraries are included for regulations like SOX.

3. Workiva

Workiva offers an end-to-end internal audit management platform centered around data integrity, transparency, and unified reporting. The software covers audit planning, risk assessment, fieldwork, findings tracking, issue remediation, and visualization-driven reporting. It integrates with numerous sources including Office 365, Slack, and Tableau. The Wdata automated reporting builder simplifies report creation.

4. Enablon

Enablon provides integrated risk management software with modules for internal audit, compliance management, corrective actions, and analytics. The internal audit component automates planning and scheduling, findings tracking, integrated risk registers, and dynamic reporting. The software also enables the sharing of risks across EHS, quality, and sustainability management efforts.

5. Wolters Kluwer (TeamMate)

MetricStream

TeamMate audit management software by Wolters Kluwer offers a range of capabilities including audit planning, scheduling, work paper management, findings tracking, risk monitoring, time tracking, and flexible reporting. It provides out-of-the-box content for common audit activities. TeamMate integrates with Excel, PowerPoint, Project, and other Microsoft tools for streamlined data flows.

6. MetricStream

MetricStream GRC provides a connected platform linking internal audit, policy management, risk management, vendor assessments, regulations, and business impacts. The software automates audit workflows, reporting, issues tracking, and content libraries for common regulations and frameworks. The integrated GRC strategy enables interrelated risk, compliance, audit, and policy insights.

7. Onspring (Centerstance & Intelliboard)

Onspring (Centerstance & Intelliboard)

Onspring Technologies combines Centerstance internal audit software with Intelliboard business intelligence. Centerstance covers audit planning, execution, work paper management, and reporting while Intelliboard provides 100+ dynamic reports, customizable dashboards, and data visualization to reveal insights. The integrated solution provides big-picture portfolio risk visibility.

8. IBM OpenPages

Resolver

IBM OpenPages facilitates end-to-end internal and IT audit management including risk and control monitoring, work paper management, resource planning, and integrated reporting. Pre-built connectors integrate financial, operational, and compliance data. The software enables the automation of audit testing, reporting, issue remediation, and optimization of resource allocation.

9. Resolver

Resolver’s cloud-based internal audit software centralizes the coordination of risk assessments, audit plans, automated workflows, findings tracking, and integrated reporting dashboards. The tool fosters collaboration across auditors, management, and process owners. It provides audit evidence and documentation management powered by optical character recognition and natural language processing.

10. ProcessGene

ProcessGene

ProcessGene focuses on audit workflow automation, UCaaS, mobility, and advanced analytics. Key capabilities span audit planning, execution, work paper review, corrective actions, risk monitoring, and real-time dashboards. The software aims to accelerate audits through increased visibility, seamless collaboration, and staying on top of dynamic regulations and controls.

5 Key Features of Leading Internal Audit Software

While features vary across solutions, the top internal audit platforms on the market contain these core capabilities:

Audit Dashboards

Centralized control panels provide real-time visibility into audit status, risk ratings, findings, resource allocation, and progress against annual audit plans.

Risk Assessments

Identify high-risk areas based on automated scoring of likelihood and impact of potential issues arising across the business.

Audit Workflows

Ensure consistency while eliminating repetitive, manual tasks by configuring audit steps and enforcing best practices into automated workflows.

Workpaper Management

Securely create, review, approve, and archive work papers while collaborating across distributed teams throughout the audit.

Issue Tracking

Log audit findings, assign remediation tasks, monitor status, and ensure closure of all action items.

How to Implement Internal Audit Software

Following leading practices in rolling out new internal audit technology smoothes the adoption process:

Step 1: Assemble Project Team

Involve key stakeholders from audit, compliance, IT, business units, and executive leadership to guide the initiative.

Step 2: Set Goals

Define quantifiable metrics for gauging the success of the implementation based on efficiency, risk, and audit effectiveness targets.

Step 3: Cleanse Data

Eliminate duplications and align chart of accounts to streamline data integration during the implementation.

Step 4: Perform Training

Provide extensive end-user training on administering and using the system to build skills across the internal audit team.

Step 5: Start with the Pilot Audit

Run a pilot audit end-to-end in the new system and solicit feedback from auditors to identify process gaps.

Step 6: Refine & Iterate

Utilize pilot learnings to further configure workflows, field options, templates, and dashboards to meet internal audit standards.

Step 7: Roll Out to All Audits

Gradually transition the rest of the audit plan from old systems and fully embrace the new software going forward.

Step 8: Monitor Usage

Track system adoption, conduct training refreshers, and continuously gather user feedback for driving improvements.

Internal Audit Software Industry Trends

Key developments shaping the future of internal audit software include:

  • Increasing integration with analytics, business intelligence, and corporate data for continuous monitoring.
  • More focus on cybersecurity, emerging technologies, ESG, and non-financial reporting audit risks.
  • Leveraging artificial intelligence and machine learning to uncover insights and predict emerging risk patterns.
  • Promoting agile auditing programs that keep pace with dynamic regulations, risks, and business practices.
  • Expanding mobility, allowing remote auditing from any device while ensuring data security.
  • Simplifying user experience through consumer-style interfaces and configuration wizards for greater adoption.
  • Providing more out-of-the-box content related to common standards and frameworks for accelerated audit execution.

Internal Audit Software Pricing

Pricing for internal audit software varies based on several variables:

  • Number of auditors and business units supported
  • Required features and extensions like BI analytics
  • Service and support levels (e.g. 24/7 phone support)
  • Hosted on-premise vs. cloud delivery
  • Perpetual license vs. annual subscription model

Most solutions offer tiered pricing plans based on the number of auditors, starting around $50 – $150 per user per month. enterprise-wide licenses or customized on-premise installations run over $100,000. Many vendors provide pricing calculators on their websites to estimate costs for your organization’s needs.

Wrapping Up

Leading platforms make it easy to plan audits, coordinate teams, manage work papers, track findings, demonstrate compliance, and report to leadership. Key features like mobility, workflow automation, and analytics provide the visibility and control needed to elevate the performance of modern audit teams. Hopefully, this guide provided useful insights into today’s top internal audit software solutions and key capabilities to improve audit outcomes. Let us know in the comments if you have any other questions as you assess options for automating and optimizing the performance of your internal audit function.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top