If you’re choosing Internal Audit software, you have many options. You may assume the biggest brands provide the best Internal Audit software, but just as organizations’ needs vary, so do Internal Audit Management tools.
We recommend 4 criteria to help select the best Internal Audit software
- A robust Audit methodology
- Internal Audit management software that directly supports your business priorities
- Features that your organization needs
- The differences between providers are important
1. A robust Audit methodology
It is important your Audits follow a robust, recognized approach. Your Internal Audit management tool should enable and support your chosen methodology. We recommend your platform aligns with IIA Audit Performance Standards and allows you to follow their structured approach.
2. Choose Internal Audit management software that directly supports your business priorities
What are your organization’s priorities: growth, efficiency gains (such as cost reduction and automation), or a drive to innovate?
By understanding your priorities, you can choose an audit platform that serves your needs.
Efficiency benefits may include your team working faster, being more productive, improving accuracy and reducing cost.
Strategic benefits may include being able to quickly prioritize your risks and creating a roadmap to improve your organization’s performance. You might want your tool to enable you to design clear standards throughout your organization and adhere to them.
3. Know what features your organization needs
There’s a multitude of features to choose from, such as:
- Automations
- Workflows
- Communication tools
- Project management tools
- Comprehensive libraries of standards, frameworks, and regulatory content
- Multi language support
- A choice of cloud or on-premise installation
It’s important to ensure your chosen system is strong on features that are relevant for your organization.
4. Know the difference between each provider. Make them important for you
It might be tempting to think there isn’t much difference between various platforms, however they all have their idiosyncrasies which may make your life easier, or more frustrating. Explore each tool and assess the differences such as:
- configurability
- intuitiveness
- level of support
- Audit expertise
- whether it’s a stand-alone tool or part of a wider ecosystem you might need
Summary
When deciding on the best Internal Audit management software for your organization, it’s important to take a step back and ask some fundamental questions about your organization, each Internal Audit management tool, and each provider.
If you found this useful, you might want to read a more detailed Audit software buyer guide here.
