What is Internal Audit Software?
Internal Audit Software helps companies perform their audit processes and comply with regulations and internal policies.
Internal audit system can be used to define, create, and monitor in-house auditing procedures and can be done for different reasons:
- Health
- Safety
- Quality management
- Environmental protection
Audit management software is naturally used more widely in heavily regulated industries. These include:
- Financial services
- Chemicals and materials
- Pharmaceuticals and healthcare
- Food and beverage
- Manufacturing and distribution
Audit tools can be used by professional compliance managers, internal legal staff, or by operations managers who are tasked with audits and results analysis.
External auditors can also use audit info captured and managed from internal audit systems.
Internal audit systems must categorically include the ability to:
- Provide information on who is responsible for what types of audits and when they occur
- Include best practices for the industry’s audit procedures
- Supply templates and standard procedures for different types of audits
- Establish automation tasks and workflows to create and implement audit procedures
- Recommend actions for incomplete audit procedures or those not yet congruent with best practices
- Monitor auditing actions
- Calendarize audits based on stipulated, customizable rules
- Furnish custom reports and menus to track auditing data, metrics, and other KPIs