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Audit Management Software is a software designed by experts who combined knowledge of accounting & auditing with that of information system. Many audit software solutions, otherwise known as software audit tools are very sophisticated and are designed to take care of every aspect of audit management.
Audit, been a statutory requirement of an organization, can be defined as: Examination and verification of the books, records and assets of an organization, in order to express an opinion. The auditor’s opinion will be on:
(1.) Whether the books and records were properly and correctly kept or not.
(2.) Whether the revenue account, profit and loss account, reveal the correct trading result of an organization or not.
(3.) Whether the balance sheet shows the correct position of assets and liabilities as at a certain date or not.
Audit management is the responsibility of audit managers and their audit teammate in an audit firm for external audit and the responsibility of audit personnel in an internal audit situation.
A good Audit management software or auditing software as the case may be, should have components like: inventory management or inventory software, payroll management, asset management etc. These various components are then integrated and made to work together for system auditing and to produce needed result. We shall look into whether the use of audit software is mandatory or compulsory and should be used by audit firms. The only statutory requirement in most countries of the word is audit. An organization like limited Liability Companies and Corporations must be audited every year upon presentation of its accounts to the auditors by the directors of such organization. The auditor is expected to present audit report, otherwise known as management letter to the directors and the directors must present the report to shareholders in an annual general meeting. The auditor must also file annual returns for taxation purposes. The auditor is not statutorily required to use audit software in other to do his work. The use of audit software is a recent phenomenon. Many auditing firms are still using manual method to do their work. However, there are numerous advantages of using audit management software which has made its use worthwhile for audit firms. The advantages of using audit management software cannot be over emphasized. Audit firms that wants to comply with industry’s best practices and can afford the cost of audit management software, with associated cost of training its members of staff, normally make use of audit management software. Audit management software reduces manpower cost as an audit assignment that can take two weeks to accomplish can be completed within four days for example. It makes audit report writing process easy for auditors. It is a good innovation about the way audit work is conducted and an audit firm that uses audit management software is considered to be better and more sophisticated than others who does not automate their audit procedure.
Let us now look at some audit management software as a guide for prospective users:
(1.) TrackWise: This software is popular because of its ability to handle any type of audit, internal audit, external audit and third party audit.
(2.) Audit Management Software Systems: This another audit management software that can be used to audit organizations like life science and regulated companies, where regular audit is necessary in order to comply with safety and quality requirement.
(3.) Policy and Procedure Management: This software was designed by a company called ComplianceBridge. The software is simple and easy to use and it is very good in the area of monitoring, auditing policy compliance and reporting.
(4.) ACL Analitics Exchange: This is a software owned by ACL Services. It was designed for centralized projects and control monitoring.
Other audit management software are: AuditPro, AUDITworks and Compliance manager, to mention but a few.
The use of audit management software requires training and re-training of members of staff of audit firm. The training are expected to be provided most of the time, by the company that designed each software and in some cases by consultants.
1. ISO 27001 for information security in financial organisations
2. SYSC system and controls handbook of FCA for investment managers
3. Central Bank of Ireland – same as FCA
4. Luxembourg CSSF - same as FCA
5. AIFMD (alternative investment fund management directive) - regulation of managers of alternative funds
6. UCITs directive (undertaking of collective investments in transferable securities) - regulation of mutual funds
7. Operational Due Diligence questionnaires per market participant – fund manager, custodian, administrator, broker
8. ILPA DDQ – for investments in private equity. Information gathering not CRSA
9. Managed futures association DDQ for commodity trading advisors. Information gathering not CRSA
10. EVCA – venture capital association DDQ. Information gathering not CRSA
11. INREV – guidelines for real estate investment managers. Information gathering not CRSA
12. HFSB – hedge funds standards board best practice questionnaire.
13. AIMA – alternative investment managers association - DDQ for fund/ investment advisor. Information gathering not CRSA