Audit Management Tool Comparison: 6 Best Software Solutions

Businesses should regularly conduct internal audits to maintain regulatory compliance with state and federal regulations. However, managing audits manually often leads to missed deadlines, errors, and unnecessary stress for your team.

This is where an audit management tool comes into play. It can simplify the audit process, from planning to reporting, and help you stay ahead of regulatory requirements.

In this article, we'll compare the top six audit management software solutions to help you choose the most suitable tool for your needs. But first, we'll discuss the definition and importance of these platforms.

What Is an Audit Management Tool?

An audit management tool is a digital software solution used by internal audit teams and compliance officers when conducting inspections.

It stores all audit data in one place, which can help businesses organize, track, and manage audit projects efficiently.

This audit management system also includes automated workflows. It can automatically schedule inspections, generate reports, and notify teams when problems arise for proactive risk management.

The software even provides detailed insights into audit results. They make it easier to take corrective actions that meet compliance requirements.

Why Do You Need an Audit Management Tool?

After learning the definition of audit management tools, you might be curious to know why they matter. Below are several reasons why you need one:

Automate Repetitive Audit Tasks

Manually repeating the same audit activities wastes time.

With an audit management tool, you can automate routine tasks. These include scheduling audits, sending reminders, creating compliance checklists, and generating audit trails.

Automation saves valuable time and frees your employees to focus on more important activities.

Simplify Audit Planning

Planning audits can feel like juggling multiple tasks. You should create an audit committee, assign tasks to the right workers, and figure out how to communicate audit findings.

Fortunately, using audit management software keeps things simple. It centralizes data in one place, from employee schedules and team assignments to risk assessments and reports. This keeps audits on track and prevents staff from becoming overwhelmed.

Enhance Compliance Management

Audit software tracks different regulations and keeps documentation accessible at all times. It can also notify you when inspections are scheduled.

Real-time tracking makes it easier to stay ahead of changing compliance standards. Meanwhile, automatic reminders help you prepare for upcoming HACCP audits and other regulatory inspections.

Minimize Errors

Audit mistakes can lead to serious consequences, such as non-compliance fines and costly lawsuits.

Luckily, audit tools standardize processes and flag inconsistencies. This reduces the risk of human error and provides accurate outcomes.

Support Better Collaboration Among Key Stakeholders

Audits often involve multiple people across teams. Digital tools provide a central platform for communication and file sharing. They keep everyone across the organization informed and updated. This means the audit process moves faster without miscommunication.

6 Best Audit Management Software Solutions

Now that you know the benefits of audit management tools, you're probably ready to invest in one. Here are the top platforms to consider:

1. MyFieldAudits

At MyFieldAudits, they are more than just another 'do-it-yourself' software provider. Instead, they position themselves as a dedicated partner in streamlining on-site inspections and building tailored Quality Assurance programs for enterprise clients.

Their approach ensures compliance, tracks performance, and delivers actionable insights that drive continuous improvement and operational excellence. They provide clients with peace of mind knowing that inspections are fully managed.

Key Features:

• Advanced platform: Capture photos, videos, and real-time data, schedule audits with ease, assign action items to on-site teams, and visually track compliance and completion.
• Customized solutions: They work closely with clients to identify critical metrics and KPIs, developing inspection forms tailored to every department.
• Dedicated support: The team offers comprehensive support, from training to ongoing monitoring, ensuring accurate, consistent, and actionable data.
• Enterprise-level focus: Designed for large organizations, not individuals or those seeking off-the-shelf solutions.

MyFieldAudits transforms how enterprise organizations track and manage quality inspections. They handle the heavy lifting so clients can focus on capturing the critical data that drives operational excellence.

2. AuditBoard

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AuditBoard helps businesses handle audit, risk, and compliance processes. It offers a user-friendly interface that simplifies audit workflows and enterprise risk management.

The platform also offers real-time reporting and analytics powered by artificial intelligence (AI). These provide valuable insights into audit progress and findings.

Plus, AuditBoard integrates with over 200 apps. It consolidates information from different systems to help you make informed decisions.

Key Features:

• Integrated risk and compliance management: It combines audit, risk, and compliance processes into one platform for more efficient business operations.
• Custom audit templates: AuditBoard allows teams to tailor audit checklists to match specific requirements.
• AI reporting: It offers instant insights into audit progress, findings, and trends.
• Built-in integrations: It connects with other third-party tools for a unified approach to governance and compliance.

3. MetricStream Internal Audit Management

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MetricStream Internal Audit software adopts a structured, risk-based auditing approach. It uses AI to organize internal audits and guarantee alignment with business objectives.

MetricStream also provides real-time insights into audit activities. They help risk management professionals make more informed decisions.

This internal audit management software even includes tools for audit planning, scheduling, execution, and issue tracking. It can save valuable time and keep different teams aligned.

Key Features:

• Risk-based audit planning: It develops audit plans that prioritize high-risk areas for efficient resource allocation.
• Extensive audit trail: MetricStream maintains detailed records of all audit activities to improve accountability.
• Intuitive reporting dashboards: It provides real-time dashboards and reports that make it valuable for both internal and external audits.
• Automated workflow management: It automates repetitive audit tasks to reduce manual efforts and boost efficiency.

4. Workiva

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Workiva offers a cloud-based platform that adjusts to your internal audit management processes. It focuses on improving transparency, collaboration, and efficiency in audit workflows.

Workiva also connects audit data, documentation, and processes into a single environment. This can reduce silos and improve oversight.

Plus, this internal audit management software automates routine tasks. It can instantly gather evidence, assess risks, and generate an internal audit report to minimize human intervention.

Key Features:

• Automation tools: They reduce manual work by automating audit workflows and reporting.
• Collaboration capabilities: Workiva provides shared workspaces for teams to work together efficiently.
• Real-time updates: It instantly communicates audit findings to all relevant stakeholders.
• Audit analytics: The platform analyzes audits to help you make informed business decisions.

5. GoAudits

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GoAudits is an all-in-one mobile audit and inspection platform for teams that prioritize efficiency and accuracy. It allows users to conduct audits, capture data, and generate reports directly from their smartphones.

This mobile inspection software also works even if you have no internet connection. It guarantees that inspections aren't interrupted in remote locations.

Plus, GoAudits has a built-in template library. It includes custom checklist templates that you can tailor to your business requirements.

Key Features:

• Mobile app: It allows you to perform audits and inspections directly from smartphones, even offline.
• Customizable checklists: It can create checklists tailored to specific industry or business requirements.
• Automated reporting: GoAudits can instantly generate detailed, professional reports after completing an audit.
• Built-in analytics: It provides insights into audit performance and trends to improve business operations.

6. SAP Audit Management

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SAP Audit Management software can automate internal auditing processes, such as evidence documentation, data organization, and report generation. This saves valuable time and reduces manual oversight.

It also offers mobile-friendly tools that enable auditors to document findings on the go. It even allows you to share reports right away to address risks.

Plus, it can integrate with other SAP tools, such as SAP Risk Management, SAP Process Control, and SAP Business Integrity Screening. Integrations can eliminate manual data entry and maintain accuracy between different systems.

Key Features:

• Automation tools: It can automatically generate reports, organize files, and document evidence.
• Mobile accessibility: It allows auditors to document and access data using mobile devices.
• Flexible deployment: SAP offers both on-premise and cloud options to suit different business needs.
• SAP ecosystem integration: It works seamlessly with other SAP audit tools to improve data communication.

Factors to Consider When Comparing Audit Management Tools

If you're still unsure which audit management software to choose, consider the following factors to make an informed decision.

Ease of Use

An intuitive interface saves time and reduces training needs.

Choose an audit management tool that allows you to complete tasks without frustration.

Make sure to test the software with real users on your team to see how quickly they adapt. The simpler the tool, the faster it will integrate into your processes.

Audit Reports and Analytics

The best audit management tools provide real-time insights and detailed reporting capabilities.

You should look for software that generates professional reports with minimal effort. You can also consider analytical tools that help you identify trends, spot issues, and improve future audits.

Customization Options

Every business has unique needs. That is why it's important to choose a tool with customization options.

Check if the audit management software can create custom checklists, set priorities, and adjust dashboards to fit your requirements. It should adapt to your business processes and not the other way around.

Automation Tools

Automation reduces manual oversight and improves business efficiency. You should choose tools that can automatically handle scheduling, report generation, task assignment, and other repetitive audit activities.

Security and Data Protection Measures

Invest in audit management software with advanced security measures, such as encryption and user access controls.

You should also verify if the tool complies with industry regulations. When you choose a secure platform, you can protect sensitive audit data and build trust with stakeholders.

Pricing

Cost is always an important consideration when comparing different audit management tools.

Some platforms charge businesses per user, while others offer flat fees. You can review what's included in the pricing plan, such as features, customer support, and updates.

You should avoid overpaying for features that you won't use. Compare various tools to find one that fits your budget.

Vendor Support

Reliable customer support can save time and frustration during implementation and daily use. It guarantees that your team has help when they need it most.

Check if the vendor offers training resources, a responsive support team, or a dedicated account manager.

Seamless Audit Management With MyFieldAudits

MyFieldAudits lets you experience hassle-free audit management. They provide a mobile-friendly app that centralizes all audit data. They combine audit findings from different sites and inspections in one intuitive dashboard.

Unlike other software vendors that only give you access to the digital app, MyFieldAudits goes beyond and above. They also configure the platform, develop your inspection strategy, train your team, and track usage compliance. This frees your team to focus on more important activities.

Book a discovery call today to get started! You can also contact (844) 344-7265 for more information.

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FAQs About Audit Management Tool

What is an audit management tool?

An audit management tool helps businesses plan, track, and manage audits. It automates tasks like scheduling, reporting, and issue tracking to improve business efficiency.

Which tool is used for auditing?

You can use various tools for auditing, such as MyFieldAudits, AuditBoard, and SAP Audit Management. The final choice depends on your business needs and budget.

What are the 5 Cs of the audit?

The 5 Cs of audits refer to Criteria, Condition, Cause, Consequence, and Corrective Action. These elements help structure audit findings effectively.

What is the difference between external and internal audit software?

Internal audit software focuses on ongoing compliance and risk management within a company. It is designed for internal audits and business owners. In contrast, external audit software can verify a company's financial accuracy and regulatory adherence by third-party auditors.

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