Audit Management Software Developments – An Outline

Audit management software is a type of software commonly used  by auditors to make their work easy and make day to day tasks completed easily. It usually helps consolidate audit information for businesses to make coordinated decisions with a comprehensive idea of such company’s financial figures. Auditing software is also usually intended to speed auditing processes so businesses do not have to dedicate as much time to auditing.

Modern Audit Management SoftwareTypes of Audit Software

There exists two major types of Audit Software namely;

  • Engagement Management Software
  • Generalized Audit Software

ENGAGEMENT AUDIT MANAGEMENT SOFTWARE

Engagement Management software is a type Audit Software that incorporates other products such as document storage, work paper management and electronic working papers.

Advantages of Engagement Management Software

Engagement Management Software is useful for:

a)       Easy team sharing of information enabling reviewing.
b)       Marking  work flow standard.
c)       Data can easily be backed up due to its Paperless nature ensuring there is no risk of losing audit files, lower storage requirements

Examples of Engagement Audit Management Software products.

1.       TeamMate,
2.       Pentana,
3.       APEX
4.       MKInsight.

GENERALIZED AUDIT MANAGEMENT SOFTWARE

The major function of Generalized Audit Management Software (GAMS) is to analyze data. It’s basic role is to source and analyze data at times in large quantities purposely to identify anomalies, errors and omissions. GAMS is rather used in gathering audit evidence than documenting

Advantages of Generalized Audit Management Software.

a)       It helps improve efficiencies by automating the usually manual procedures.
b)       There is a much lower risk by screening the whole population to reduce sampling frames
c)       It offers Added value by providing more detailed insight into underlying records
d)       Raises  the range of testing available to the Auditor

Examples of Generalized Audit Management Software products

1.      TopCAATs,
2.      ACL
3.      IDEA.

General advantages of an Audit software:

  • You can be able to quickly create audit trails that assist you realize any transaction level, from the summary down to the details.
    Managers can easily monitor the entire audit process and a copy documents audited will automatically be saved.
    You can identify control issues and test for such problems as unauthorized employee-supplier relationships because you can know which employee accesses the system.
  • Ensuring accounting compliance Using auditing software .Various company industries require ensuring compliance with different accounting standards. Auditing software are solutions designed to identify individual points of departure from accounting standards for your clients, contractors serving government departments to provide appropriate compliance or international organisations seeking to observe global standards.
  • Improving competence your auditing .For you to ensure efficiency in auditing for your accounting firm you need to spend more time resolving errors rather than finding them. Auditing software gives automated processes to run checks on financial data to locate and identify potential errors or instances of fraud.
  • Setting Up Security Measures for Sensitive Data. Auditing software systems deal with crucial financial information. The importance of security is delicate by the fact that accounting providers are working with 3rd party data and need to ensure data security and integrity.
  • Information Mining; Data mining and analysis software takes data found in certain forms, such as figures taken from the function of software, and analyzes and summarizes this data in a way that is understandable to humans in a process is known as data mining.
  • Mechanization: Audit software is often designed to make routine many aspects of the auditing process to save time and company resources. There are various kinds of auditing software which enable auditing professionals to center on specific areas in an organisation thus enabling them to set priorities for action. Some auditing software helps in reducing storage space and increasing organization by integrating data that has matching information. Auditing software often try to sum up data so that this data can be clearly channeled to others.
  • Scam discovery;  Auditor software often attempts to discover unusual data to establish if there is any fraud going on within the company or within a specific unit. Auditing software frequently identifies gaps in data so that these gaps can be brought to the interest of the auditor.
  • Audit Exporting; audit management software can often export data to diverse software programs so that this data can be delivered easily to other members of the corporation, according to Audit Software.
  • Network safety; Some auditing programs are premeditated to charge network security. They give network administrators an plan of which security actions are the most effectual and also to establish if new security measures need to be implemented or restructured.

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