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Published 31 Jan 2023
An internal audit software is a digital tool used by in-house auditors and compliance officers in performing walkthrough inspections and data analysis. It helps to identify weak points, inefficiencies, and non-compliance in business operations to implement appropriate corrective actions. Choose from the top 10 internal audit software and find the right one for your organization based on features and free version availability.
Free version: Available for teams of up to 10
Pricing: Premium plan $19/month (with free 30-day trial period)
Platforms supported: Available on mobile app (iOS and Android) or a web-based software
Why Use SafetyCulture?
Based on data from a Forrester study, SafetyCulture internal audit software can help a company with 250 employees and 13 auditors save over half a million dollars within a 3-year period from operational, safety, and compliance improvements. Unlike other internal audit management software, SafetyCulture can be used not just for auditing, but for a variety of use cases as your go-to operations, safety, compliance, and audit platform. Use SafetyCulture for all aspects of your business, including conducting internal audits.
Features:
*Available on the Premium plan
Why Use SAP?
Simplify evidence recording, audit report creation, and electronic working papers management with SAP internal audit software. Improve audit issue resolution and reporting now using SAP.
Free version: None
Pricing: Pricing unavailable
Platforms supported: Web-based software
Why Use TeamMate?
Facilitate issue remediation and report on audit status using TeamMate internal audit software. Distribute resources effectively and capture Travel and Expense (T&E) with TeamMate.
Pricing: Contact TeamMate for pricing
Why Use Pentana by Ideagen?
Remove paperwork and extra admin tasks from your workload with Pentana by Ideagen internal audit software, also known as Pentana Audit. Make audits more reliable using this software.
Pricing: Unavailable
Why Use MetricStream?
MetricStream internal audit software is equipped with Artificial Intelligence (AI) to help you create an easier auditing process. Collaborate with other auditors using MetricStream.
Pricing: Contact MetricStream for pricing
Why Use AuditBoard?
Build a comprehensive audit program while still maintaining overall efficiency using AuditBoard internal audit software. Prepare your business for the challenges of tomorrow with AuditBoard.
Why Use Workiva?
Transform the way you do audit work with Workiva internal audit software. Streamline routine processes and deconstruct complex information into valuable insights using Workiva.
Why Use AuditBond?
Provide C-suite with real-time dashboards and simple reports using AuditBond internal audit software. Incorporate risk into your audit function and gain complete assurance with AuditBond.
Platforms supported: Web-based software and mobile app
Why Use Onspring?
Track time spent per audit against allocated resources and examine in-progress findings with Onspring internal audit software. Eliminate micromanagement in auditing using Onspring.
Pricing: Contact Onspring for pricing
Why Use Netwrix?
Netwrix internal auditing software is specifically designed for Information Technology (IT) auditing. Categorize sensitive data, view access permissions, and investigate anomalies with Netwrix.
Free version: Yes, free version is available
Pricing: Contact Netwrix for pricing (20-day free trial)
Internal audits are done to assess a company’s internal controls, governance, and risk management system to ensure its effectiveness. An excellent internal auditing process needs to possess the following attributes in order to deliver results:
Internal audit processes should have a clear understanding of the company’s strategic direction so it can clearly define the value it wants to deliver to an organization. This can be achieved by staying updated on the business’ goals, objectives, and decisions.
One of the major internal audit functions is to ensure regulatory and legal compliance. Excellent internal auditing invests time in performing dynamic risk assessments to pinpoint critical risk factors that can negatively affect business operations. Risk assessment methods should also be flexible and adapt to business changes to stay effective.
Internal audits should have a clear understanding of interdepartmental relations, and a good grasp of employee capability. This is achieved through one-on-one feedback sessions, surveys, and interviews. In doing so, managers and supervisors can work to provide additional training and support where necessary. Internal audits with effective communication protocols can help with business alignment efforts and overall risk awareness.
Considering the numerous aspects of a business operation, having only one internal auditing process is impractical and ineffective. Excellent internal audit software programs can be easily customized to adapt to a variety of needs; streamlining your entire internal audit process for maximum efficiency.
Excellent internal audits should be efficient, and utilizing the right technology can optimize internal audit processes for maximum returns. Good internal audit management system can automate what would normally be manual processes such as data storage and organization, as well as internal and external reporting to help companies stay cost-effective.
A good internal audit process is an invaluable asset since it helps businesses achieve and maintain optimal performance for maximum results and zero non-compliance. With SafetyCulture as your mobile audit software, you can take advantage of a versatile, easy-to-use platform to streamline your internal audits and get more done with less effort and time. Try SafetyCulture for free today.
Erick Brent Francisco
Erick Brent Francisco is a content writer and researcher for SafetyCulture since 2018. As a content specialist, he is interested in learning and sharing how technology can improve work processes and workplace safety. His experience in logistics, banking and financial services, and retail helps enrich the quality of information in his articles.
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