Benefits of Internal Audit Software

Internal Audit software is a must today for every company. With the Companies Act 2013 coming down heavily on internal controls and internal audit, it is very important that companies can maximise value from the limited internal audit resources.

Web Based Internal Audit Software

First and foremost is to get a tool that is web based. There is not point in having a corporate level desktop tool that cannot be accessed by anyone except on the machine on which it is installed. With audits taking place across cities and geographies, a web based internal audit software should be first on your list.

Internal Audit software on the cloud

Next very big question that keeps coming up is whether the solution should be on the cloud or really...Can I safely invest in a solution that is on the cloud.

The answer to this really is whether you have the resources to host and support the system and the cost benefit analysis. If you had adequate resources, you might consider in house, else a cloud based internal audit software is equally. Just ensure that the servers used have adequate IT controls and are SSAE / SOC compliant.

Getting auditee to use internal audit software

Another big change management to deal with is to get non auditors to use the audit software. The fact that internal audit team proposed and bought the tool means that they will definitely use it. But how about auditee. This is a difficult one and should start in a phased manner. Initially, send them automated emails about their audit observations, get feedback and updates via email. Next setup automated reminders so that they are getting more communications from the audit software. Over time, they will start to log into the system.

Where do I get the internal audit software

Finding a good tool is not difficult. Finding one at your price and the vendor willing to make all the customization that you want is a difficult thing. Contact us at manoj.jain@riskpro.in to learn more about our offering in the internal audit software.

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