Why firms need internal audit technology

Ideagen, which develops GRC management solutions, has released a report offering an in-depth exploration of auditing software.

In its report, Ideagen states that as organisations facing increasing levels of risks, there is a growing reliance on internal audit technology.

Over the years auditors around the world have needed to be more agile and broaden their audit scope, with the aim to prioritise operational resilience and consider a wider range of risk scenarios and planned responses. Audit technology helps audit teams manage adverse events.

It started off by explaining what auditing software actually is. It said, “Put simply, internal audit software helps to automate the key steps of the audit lifecycle, allowing businesses to conduct audits in a centralised, comprehensive and secure framework.”

The best type of audit management solutions, it claims, are the ones that support all types of audits in an organisation, from regulatory and financial, to IT, operational and more. By leveraging automation, it can streamline daily tasks, such as managing workpapers, audit planning, reporting, and tracking findings through remediation.

Additionally, this technology can boost productivity and ensure high-quality work.

Why is it important?

Ideagen stated that as pressures on audit professionals continue to mount, teams need to be more proactive with their risk management, whilst providing insights into changing regulations.

It said, “Being able to manage the audit process swiftly and efficiently through an intuitive audit solution vastly reduces the risk of non-compliance. It can also highlight any potential issues far quicker than traditional approaches to auditing. Plus, with the ability to embed intelligence into your processes, you can make continual improvements over time.”

Ideagen outlined the key features of an internal audit software. These include, project management functionality, workpapers management, risk and control management, real-time reporting, and planning and scheduling.

The benefits

 The RegTech company highlighted several benefits firms can expect when using internal audit software. It said, “Aside from reducing the sheer admin burden (and the headaches) associated with paper-based internal audits, this specialised software boasts many benefits.”

These include streamlined processes, enhanced audit strategies, reduced costs, greater cybersecurity, time savings, and fewer errors and duplications.

Finally, Ideagen stated there are a few key considerations to have when exploring a new audit management solution. These include, a scalable solution, a software vendor with first-hand industry knowledge and experience, a solution with a modern user experience and interface, the ability to visualise data with advanced analytics capabilities, and a connected system that creates synergies between workflows and allows real-time communication.

Find the full report here.

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