The audit community has recently adopted electronic working papers to encourage collaboration. But this practice gave way to dark data: that is, data trapped within these new documents, rendering it impossible to search, reference, analyze, export, report on or access on mobile devices. Fortunately, audit management software can help.
Intuitive audit management software can access and analyze 100% of audit data, no matter how dark it may seem, and prove the actual value of the audit function in the process. Here are eight more ways audit management software can enhance your audit approach.
1. It Improves the Efficiency of Audit Fieldwork
Audit management software consolidates everything you need in one centralized location. This can boost your productivity because you’ll have a clear structure around audit procedures to efficiently guide staff, avoid confusion and focus only on the most critical insights.
Since the software can shorten the time it takes to conduct audits, you’ll have more time to collaborate with your team, prioritize audits by risk level and create more value for your organization.
2. It Creates Consistency Between Audits
Documents lack structure, so your teams could follow different approaches across different audits. When you shift audit work out of documents and into audit software, you’ll instantly have a structured methodology that your teams can easily follow. This creates a comprehensive view of all audits that your team can lean on to pursue value-added work while you consistently report to your executives.
3. It Elevates the Quality of Audit Insights
The organization is critical. A solid audit structure makes data usable because you can sort and analyze it, no matter how many data points you work with. Advanced audit software can report on and analyze audit information across audit projects and teams, opening up higher-quality, higher-level and deeper root-cause insights. These insights will lead your organization toward data-driven, more strategic decision-making.
4. It Increases the Speed of Insight Delivery
Stop waiting for quarterly or semiannual audit packages to compile and deliver results. With audit management software, you can assess your organization in real-time. You’ll be able to present revenue-enhancing opportunities to the audit committee, as well as executives and leaders, demonstrating the value of your audit team and creating value for your organization.
5. It Enhances the Ability to Present High-Impact Reporting
Effective reporting is all about telling an impactful story. Audit management software features intuitive, interactive dashboards and visualizations so you can present insights rather than sending off data-laden, manually compiled reports. Use audit management software to showcase the most valuable insights from every audit, so executives can quickly identify and act on critical learnings.
6. It Makes Audit Roll-Forward Easier and Less Invasive
Conducting a manual audit can feel tedious — but it doesn’t have to be. One-click roll forwards are standard in many audit software platforms to update embedded links without having to enter those documents individually. Because this function can run in the background, you’ll have more time to analyze your findings and present them to the board of directors and the audit committee.
7. It Enhances Audit Automation
Take an “edit once, updated everywhere” approach. Audit software can automatically find and update critical information, so you don’t have to find outdated information in individual documents — or risk missing it altogether. You can also automate your audit reports and the cloning, rolling forward and reusing of audit work. Get off the hamster wheel and, instead, set up audits and reporting once. Then let the data roll in on repeat.
8. It Helps With Administrative and IT-Related Burdens
Audits aren’t all analyzing and reporting. There are also severe administrative and IT-related burdens that take much of your time but can pose a serious risk if not done well. The right audit-management software can minimize technical issues associated with PC installations and software upgrades, ensure data is both exportable and transferable, and make it accessible on any device.