What is audit management software?
Audit software help auditors to plan, execute, report and follow up the company audits and actions. A dedicated solution can save a lot of time for audit teams and make them more effective by automating much of the auditing process and sending email notices. A good audit software should include the ability to generate corrective and preventive actions and give ownership of the actions, including the sending of notification and reminder emails. See the overview videos here for what you should expect from your solution audit management software videos
Important factors to consider
Budget: A very important consideration should be price. Paying more does not mean getting a better solution, far from it. Many solutions are overpriced and some offer you very little once you get passed the glitz. Or they are so over engineered they are hard to work with and not really fit for purpose, because the design is badly thought out and rely on the vendors giving a slick demonstration to make the sale. To make this point Symbiant is used by the ACCA, professional auditing firms and the only software to have ever been endorsed by the Institute of Chartered Accountants in England and Wales and costs as little as £300 per month. See examples of Symbiant clients
Training and support: This should be free. A good solution should be intuitive and easy to use, meaning training and support should be minimal and something the vendor can give you. More often than not, companies who charge for training will have a very complicated solution.
Development: Find a company that develops their own software, if a company outsource the development the software will probably be buggy, badly maintained and lack nice useful features. It could also suggest the vendor is using the software to sell a service such as training which would suggest the software is designed to meet the needs of the vendor rather than yours.
Easy to use: A good audit management solution should be scalable, comprehensive and easy to use. Easy to use means quick to embed. As you will be asking people to update tasks and action, they need to find the solution intuitive so they can update their actions and tasks without needing to ask how.
Customisation: Another very important factor is to get an audit management software solution you can easily customise. You will have your own terminology and way of working, for the solution to work and get embedded it’s important it can match the way you currently work and then let you role out new features when you are ready.
Licensing: Some licensing models restrict the number of concurrent logins, how many users can use the system at the same time. It’s very important all users can login when they need to, otherwise the moment will be lost and they have the perfect excuse as to why they couldn’t update their tasks. Consider a more flexible licensing model such as active seats which allow all active users to login.
Risk and Compliance: Auditors are there to police a business, to ensure things are working correctly and the business is compliant to all regulations and certifications. This means working with other departments. A solution that allows other departments to manage their own activities and then makes that information readily available to the audit team make the audit process more streamlined. Consider a solution that meets your current needs and your potential needs for the next 5 years.
Reporting: Make sure you have a comprehensive reporting suite that you can customise to your own needs. The reports need to make sense to you and be presented to the management in a style they expect and require. A good solution should have a vast selection of pre made reports that you can customise and allow you to create your own custom reports.
Booking a demonstration: Symbiants Audit Management Software does all of the above and more. Book a free demonstration to find out more.
Another very interesting read is how to find the best risk management software