What is Audit Software and What Are Its Key Features

What is Audit Software and What are Its Key Features? paraminfo.com/blog/what-is-audit-software-and-what-are-its-key-features/

By Cole West

December 11, 2019

In today’s age, some of the biggest news is relegated to corporate fraud. Unfortunately, it isn’t only the larger software developers like Theranos and Kingfisher who indulge in corporate fraud. As investors and companies diversify their products, the opportunities for hoodwinking investors and the public increases. This is where auditing software can be of big help.

Audit software is a specialized program that runs specific audit functions to highlight any discrepancies. This type of software looks at entire databases of work, including invoices, and alerts the examiner in case of any error. The best types of audit software do not require the examiner to be well versed in programming languages, but rather do the work using non-procedural language.

In such a highly competitive environment, most software development companies themselves are looking to fortify their business by incorporating internal audit software into their security systems. The type of audit software you will want to invest in depends highly on the type of security you are looking for. The right software company is not hard to find, you will just have to do your due diligence. Here are some of the top features of the right audit software for you.

User-Friendly As mentioned above, good audit software should not require your external team members to know how to work its programming. Your auditor should be able to adapt to the program easily without having to learn too much new material. It should also be

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compliable with a host of different devices while being intuitive.

Should Provide Standard Tools Any good auditing software should provide the standard tools of auditing. This includes Audit checklist templates, Set evaluation criteria, Uniform tracking methodology, Corrective action tracking tools. Having standardized tools helps you maintain the same level of scrutiny across different environments.

Should Enhance Productivity Any company can invest in getting traditional auditors to work with their business.

However, this is time-consuming and often a process that can be disruptive. One of the best reasons to use audit software is that it removes these inconveniences and increases overall productivity.

Visualization Your audit software should generate reports that show the data is easy to understand visual graphics. Both the stakeholders and the auditor should be able to quickly see a snapshot of the process as well. The reports should use graphs, trending data, and pivot tables to do so.

Cloud-Based Using cloud-based auditing software allows auditors to work remotely on the project.

This increases the efficiency of the process and allows the auditors to cooperate and set up goals that are easy to achieve for themselves.

Customizable No two audits are structured exactly the same. Based on the need for the audit and the area of industry the business occupies, the audit process has to be customized. A safety audit is very different from an audit of the orders in a taxi company. There are also situations when federal rules or policies need to be incorporated into the auditing process. Some fo the different types of audits include process audits, financial audits, compliance audits, and external audits, amongst many others.

Automation If you want to integrate an auditing process into your internal processes for your company, your audit software should have the ability to be automated. This helps improve the quality and the results. One of the most automated aspects is audit templates which provide a customizable framework for the audit.

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Paraminfo is one of the fastest-growing global leaders in the region of custom software development companies that provide audit software that can be customized suitable to different businesses. They are major players in the Middle East, India, and the USA. The company is focused on results and is dedicated to providing the best solutions to its valued customers. If you are looking for a global partner to help you with using audit software, then look no further than Paraminfo.

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