There are many different types of audit software on the market. Each has its own features and pricing. The best choice for your company depends on your business requirements. For more information on cost, requirements, as well as implementation, please read the following. Do not be afraid to ask for free trials if you are unsure what to look for.
Features
Software for auditing should include a wide range of features that will streamline the process. These features include the ability to assign tasks and track time to completion. It should also have an automated system to notify users when tasks due. Software should also be capable of creating customized forms and checklists that can be used to simplify data collection. The software should have a dashboard for tracking task progress and visualizing data trends.
The audit information could be distributed over multiple system types, and in different formats. It might be stored in different databases management systems and may move through different telecom environments using different protocols. It may also be located in different physical places. Because of this complexity, auditing software must have the ability to sort data using multiple criteria.
Costs
Auditing software can be expensive. Cherwell-Express's recent survey found that nearly half of all organizations had spent at least $50,000 on software auditors. Some of these companies even spent more than $5 million. Many times, audits of these organizations are conducted by independent software vendors that have the authority and authority to audit their customers. In these cases, vendors will inform clients and explain the process.
One of the biggest costs associated with software audits is the disruption of day-to-day activities. Staff must also be redirected for audit preparations, which can take up a significant amount time. According to the survey, 45% of software audits lasted for more than three months.
Requirements
A successful audit software must meet certain criteria. The first requirement is that the software be compatible with Microsoft Office products. It should be able perform required audit functions, and it can be installed on either a single PC or a network. It should also be capable of assigning security permission levels and changing default software parameters. It should only require minimal administrative assistance.
Audit software should be simple to use. It should be able to allow cross-departmental collaboration. It should provide features that enable your team to learn about the processes of the other departments, such as information security and regulatory compliance.
Implementation
It is crucial that an organization implements a software auditing system after purchasing it. This audit allows organizations to evaluate the use of software and make sure that it meets its intended purpose. A software audit team should be established within an organization. It should include employees from IT, software procurement, and legal.
There are various types of audit applications, including generalized audit software, business intelligence (BI) software, and spreadsheets. Each type has specific requirements for data extraction, analysis, and reporting. These software programs may be integrated into an organization's IT infrastructure. They can also be built with the help consultants.