When buying any internal auditing tool, it’s important to check various salient features of the tool beyond the pricing. Implementing the internal audit software tool without considering the importance of features will lead you to expensive low quality auditing in a long run. If stakeholders find it hard to communicate the audit data, then definitely there is a chance to miss risks that could disrupt the organization’s process and identity.
Instead, perfect software should provide strong internal audit planning and also make a convenient for stakeholders to share the audit reports properly. As a result not only the audit function is streamlined, but it also allows organizations to work on evolved audit findings. So while purchasing internal audit software it’s important to review the following
1. Data and Analytics:
Strong internal audit management software should be capable to support data and analytics. It simplifies areas like a collection of data and API integration to sync up with other risk management tools. It should allow the stakeholders to find feasible visual dashboard reporting data to identify the risks.
2. Collaboration:
Along with the data and analytics capabilities, the internal auditing management software should also support cross-departmental collaborations. Allowing the internal audit team to get data and understand other areas like regulatory compliance and information security through strong data integration. Connecting another team on the same page-wise data will help the internal auditor to know and collaborate more easily and provide combined assurance. This helps the organization conduct internal auditing more effectively.
3. Security:
Another important capability the internal audit management software should hold is the security of the technology itself. Having data and analytics support alone will not be beneficial, the software should contain all the security protocols to protect the sensitive data as they can lead to any risk. Most organizations prefer to have their own separate server to support technical and security requirements, while others prefer cloud deployment to be more secure.
4. Reporting:
Creating visualize dashboard alone is not a beneficial capability it should also support generating reports of the data and analytics. It should allow the internal audit team to generate reports in considerable time and effort. If the audit team takes a continuous risk assessment approach, they should be capable generate reports on audit findings to executives, management, and external audit team in a feasible format.
5. Ease of Use:
The final most important capability to be considered while buying internal auditing software is implementation time. Not only the system installation time it should also contain a convenient user interface allowing the internal audit staff to feel more comfortable while switching from existing auditing system software to new one. Allow the audit team to conveniently share data from the existing system to current new auditing software that can make it easier to collaborate on audit findings, identify risks and adjust internal controls.
After weighing these five capabilities more than 1000+ companies have preferred to buy AURA internal audit management software containing robust data and analytics capabilities, streamlined reporting features, holding security protocols, and an easy installation facility. To know more about AURA leave us an enquiry at info@auraqualitymanagement.com .
