Mention Enron, Volkswagen, Lehman Brothers, and Uber and you’ll likely think of one thing — large scale corporate scandal of big-time companies. The truth is, corporate fraud is more rampant than we think and it also afflicts small businesses. In fact, SMBs experience a larger share of fraud-related incidents compared to large corporations.
It’s no wonder more and more businesses are fortifying their internal controls, which include innovative audit and compliance software, into their security and compliance arsenals. But “auditing software” is broad, too broad, in fact, that many of these solutions are apples and oranges, and you can even throw in some peaches.
In this article, you’ll see clearly how they vary. Some are good for software development, some for legal compliance, while others deal with equipment and maintenance or data security. We took the time to test and review 20 of the best auditing software in the market today so you don’t have to. Right off the bat, you can choose which ones apply to your requirements.
Whether you are auditing for safety or compliance management, taking stock of your internal audit controls and make plans to upgrade them will not only toughen your security but also ensure savings from paying penalties from non-compliance. Whatever the size of your company is, more than half of organizations worldwide say that business controls, spearheaded by routine internal audits, is among the best ways to fight fraud and other forms of business-related crimes. Never allow your brand and business reputation suffer when in fact you already have access to all the right tools, you only need to adopt and implement them.
External threats are easier to address. To protect your business data and company website, you need to deploy a proven security software along with the corresponding online protocols. Internal threats are far more difficult to contend with because even long-term employees are very susceptible to commit fraud in their jobs.
So aside from creating a workplace culture that fosters honesty, transparency, and healthy competition and a company that recognizes and rewards deserving employees, knowing and implementing the appropriate types of audit software and security tools are among the most efficient strategies to employ.
Look for features that complement the type of business operations you do, such as for internal audit in general and for more function-specific audit and security needs like IT security and financial reporting, among others.
Cygna Auditor (formerly Knowledge Vault) is considered a top choice for auditing software due to its robust auditing and inspection capabilities as well as its advanced reporting and analytics and smart business management features. This powerful cloud-based auditing solution boasts of a wide array of tools and functionalities for auditing and analysis tasks, implementing processes, and tracking risks across a wide range of collaboration tools and devices to support teamwork, faster issue resolution, and compliance with industry and legal regulations.
Viewed by many as the next-generation cloud-based auditing, analytics, and optimization tool, Cygna Auditor provides a sophisticated and cost-effective inspection, discovery, reporting, and management functionalities that enable IT managers and cloud administrators to secure and optimize cloud-based productivity suites, including mail and storage networks. Its governance features allow businesses to take advantage of cloud-based audit and collaboration capabilities, while concurrently keeping multiple levels of access to important business data.
By optimizing license management and service usage, Cygna Auditor helps companies achieve significant cost savings while at the same time streamlining policy administration, reporting, and analytics. Using smart automation, it helps to simplify compliance reviews for Azure AD, Office 365 and other popular productivity suites by allowing fine-grained inspection, auditing, management, and analytics throughout all confidential system configuration modifications and tasks.
Netwrix Auditor is another auditing platform given a high rating by our experts and users alike. Designed primarily to be used by IT auditors and program managers, this user-friendly and easy-to-configure auditing software helps businesses conduct audits to ensure compliance with internal security protocols and policies to ensure robust business data protection and solid access control.
It enables users to easily detect security threats and risks to business data and IT systems as well as provides effortless access to compliance documents to readily determine the level of system adherence to internal and external security policies and regulations. Netwrix Auditor also functions as visibility, governance, and process automation tool for operations and IT security across various industries, including education, healthcare, public agencies, and financial services.
Deployed either as an on-premise or cloud-based IT system, this auditing solutions can readily track data access and create reports on any modifications done by users or staff in an IT network.
iAuditor is a popular auditing software platform for the construction industry that is programmed to help project teams better conduct and manage safety audits and quality inspections. Said to be used 50,000 times on a daily basis in more than 80 countries, the platform basically digitizes safety audits and site inspections to establish more flexible approaches for conducting safety and operational audits. It is also useful for generating checklists and reports directly from any device, especially from mobile gadgets while in project sites.
Packed with numerous audit and business tools, iAuditor enables auditors and inspectors to perform their tasks easily and more conveniently using their mobile device, minus the stress and demands typical with on-site inspections. What’s more, it can be used with or without an internet connection.
Used by over 1.6 million users across the world, Intelex is one of the trusted audit and EHSQ management solutions in the market today. This robust and flexible online platform helps businesses set in place an integrated data storage, access, and management system in a single location. It offers a wide array of robust features for audit management, root cause analysis, compliance management, risk assessment, analytics, and reporting, etc. This highly customizable solution can be used in any browser and any device, thus, enabling easy access and smooth collaboration with team members from multiple locations.
Asset Panda is an easy-to-use, comprehensive audit and asset management solution for businesses of all sizes. Affordable and customizable, this cloud-based business suite helps facility managers conduct their core duties, including maintenance management, asset monitoring, to name a few. Asset Panda is also optimized for use in any device to enable seamless collaboration among work teams in the office and even from the field, in real-time. This audit tool can be used by an unlimited number of users to support unmitigated task and project completion.
MasterControl Audit is a digital audit management platform for life science firms and similar organizations. Part of a suite of comprehensive quality and compliance management tools, this solution is designed to help these organizations efficiently and consistently conduct audit processes more efficiently, consistently, and quickly. Featuring a drag-and-drop calendar, it also helps regulatory agencies achieve considerable resource and time savings through intuitive planning and scheduling of organizational assets. It also provides automated audit report generation and approval.
Gensuite is a cloud-based auditing and compliance solution that helps businesses manage their audit, compliance and operational processes more efficiently, particularly in the area of EHS compliance. With its intuitive audit and inspection tools, this platform enables businesses to effectively carry out risk and audit management tasks to attain compliance. With more than half a million users worldwide, Gensuite provides smart, integrated applications that can be quickly configured and deployed, targetting on sustained innovation, quality service, and ROI.
Designed for construction firms, Raken uses innovative mobile technology to simplify the auditing, monitoring and reporting tasks in construction works. Its “digital toolbox” virtually unifies the office with workers deployed in field locations by enabling seamless field reporting capabilities, covering project insights, time cards, daily reports, etc.
In effect, Raken provides easy and fast auditing management for construction businesses by enabling them to streamline the cumbersome auditing and report-generation tasks and provide stakeholders more time to focus on project completion and other more critical activities.
Onspring Audit Software is a cloud-based internal audit management software that helps businesses make strategic plans, perform more efficiently, and empower their internal audit teams for better outcomes. This platform is designed to foster better control, transparency, and team performance of company-wide audit activities.
Onspring Audit Software allows businesses to align crucial business objectives and risks with audit programs, quickly produce audit documentation in various formats, introduce accountability for better issue resolution, among others.
Designed for restaurant and similar businesses, Jolt is a comprehensive auditing and compliance enterprise suite that all seamlessly integrates workflows, forms, checklists, and other core business processes. Its automated record keeping features quick reporting in real time, while its compliance tools allow efficient and consistent auditing, employee forms, and checklist balancing, among others. It also offers a host of operational functionalities, such as employee scheduling, communications, time and attendance, information library, etc.
MoreApp Forms is an audit and forms builder software designed to help businesses achieve time and resource savings. Its capability to easily digitize all business forms allows businesses to complete mission-critical tasks faster, especially audit, inspections, evaluations, reports, etc. Deployable on-premise and online, this solution also enables users to conduct audits and inspections both internally and on the field. Data are securely sent and shared over SSL, which provides peace of mind to business owners and managers and enable them to focus more on things that matter more in their jobs.
Form.com is a comprehensive auditing platform that offers businesses the scalability and flexibility to collect mission-critical data and the corresponding business forms to facilitate data collection. It also provides robust automation and customization capabilities to streamline and improve a wide range of workflows and tasks. This integration solution has ready-made audit and inspection modules for businesses in various sectors. It also offers functionalities to simplify data collection, management, and reporting.
You can easily sign up for a Form.com free trial here.
ZenGRC is a cost-efficient, low-maintenance, and easy to implement audit and compliance solution for business. Can be deployed on-premise or as SaaS, this agile software allows users to easily integrate it into their day-to-day audit and compliance work. With a user-friendly and easily navigable dashboard, it helps businesses achieve higher productivity and better efficiency while empowering management to become more proactive in addressing external market shifts.
AuditBoard is an audit solution specifically made to simplify all auditing and compliance needs of businesses. It offers a completely integrated solution for SOX accounting compliance, business audits, ERM, and a lot more. Using this advanced application, businesses can cooperate, manage, assess, and communicate important enterprise controls information in real time.
Field iD is an audit and EHS compliance management platform that provides an extensive array of advanced tools to help businesses improve efficiency, decrease liability, remain compliant, and empower staff. This smart audit software enables users to finish audits quicker, more precisely and prevents any double-entries, which ensures data and report accuracy. Users can also automate schedules and notifications for on-time job completion and accident reduction.
Fastpath Audit Trail is an auditing software for delivering comprehensive analysis to enable businesses to more effectively monitor changes to transaction data and to deliver reader-friendly reports. Using its Fastpath Assure® tool, this auditing tool provides integrated templates and reports for auditing high-risk business areas. This platform is designed to ensure that businesses receive the correct data to generate valuable insights.
Qualtrax is an auditing and compliance software designed to help businesses save time and resources while improving operational efficiency, precision, and outcomes. For more than 25 years, Qualtrax has been streamlining auditing and compliance tasks and processes to achieve simplified audit and accreditation management. At the core of this platform is its capability to automate virtually every business process, thus enabling better compliance and business results.
Audits.io is an easy-to-use, customizable audit software that is designed to help businesses automate all auditing tasks. From the filing of audits up to reporting, this app removes paperwork and manual data inputs, which translates to as much as 50% time savings. This user-friendly auditing tool allows even novice admin users to manage all auditing tasks and even automatically generates data from each Q&A entry.
Isolocity is a cloud-based auditing and quality management platform that helps businesses streamline their audit and quality compliance activities. Intended to completely automate the audit process, this software enables businesses to cut ISO and GMP certification audit time by as much as 50% and daily compliance management time by around 25%. By allowing these time and resource savings, businesses will be able to get more things done faster and more efficiently.
Nifty5S is a cloud-hosted audit management system designed to sort, straighten, systematically clean, standardize, and sustain your audits. With this, auditors can perform audits using their mobile device by simply ticking pre-made auditing forms and the data will automatically be transmitted to a central database. This way, there is no longer a need to re-input the data after the auditing process. What’s more is it can generate reports so that you get insights on the performance of your audits. By having this platform at your disposal, you not only streamline your workflow and boost your operational efficiency but also eliminate the need for paper waste.
After reading our reviews of today’s leading auditing software, you’ll likely already have a working knowledge on which platform to choose for your business. A word of caution, though: don’t just go for auditing software because it’s popular or the price is attractive. It’s best to first conduct a thorough review of your particular software and operational needs and make an inventory of mandatory features as well as a shortlist of add-on tools so you can make a logical selection. Our list here points you in the right direction.
For optimum security and compliance results, it is best that you complement your internal controls with a corresponding external security software solutions, especially those from tested cybersecurity vendors.
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