Best Audit Management Software Providers Shortlist
Here’s who made my top 12:
- AuditBoard - Best for operational audits
- Workiva - Best for collaboration
- TeamMate - Best for financial audit and assurance firms
- MetricStream - Best governance, risk, and compliance features
- Diligent - Best for internal controls management
- SAP Internal Audit Management - Best for automations
- Ideagen Pentana Audit - Best for audit planning
- Onspring - Best for high-volume auditing
- Netwrix - Best for IT auditing
- Archer Audit Management - Best for collaborations
- SafetyCulture - Best for worker safety auditing
- MindBridge - Best for financial audits
I focused on tools designed primarily for internal auditing, although many of these picks can also be used by external auditors. I made my selections based on feature set, usability, integration options, and overall usefulness for internal audit teams.
What is Audit Management Software?
Auditing software can help organizations dig into internal financials, processes, policies, and workflows to identify vulnerabilities, potential threats, and inaccuracies. Auditing is a vital component of modern enterprise management—and these tools can help automate and improve upon internal auditing workflows.
There are different audit types and compliance areas that auditing software might focus on. Some are designed primarily for financial auditing—digging into financial records and reporting to ensure the numbers reported in a company’s financial statements are free of material misstatements.
Others may be process-focused, allowing firms to conduct operational audits to uncover vulnerabilities or inefficiencies. For example, is a completed background check in every new hire’s employee file before their first day of work?
Still others may be focused on worker safety, HR/policy auditing, or external report and compliance auditing. These audits look at things like whether all emergency exits are free of obstructions, or all assembly line workers are wearing the proper safety equipment.
Whatever the focus area, good audit management software should help teams manage the audit process more effectively and efficiently. Audit management software is used in all phases of the audit lifecycle — from planning, fieldwork, and reporting, to making recommendations for appropriate corrective actions.
Overview of the Best Audit Management Software for 2023
These are the best auditing software options on the market, based on a combination of functionality, user-friendliness, value, and ease of integration with existing systems.
1. AuditBoard - Best for operational audits
AuditBoard is an integrated internal auditing, risk management, ESG, and compliance software. It combines a diverse feature set with solid ease of use, and the versatility of its built-in tools make it a solid choice for all business sizes and industries.
Why I picked AuditBoard
I selected AuditBoard because it excels in operational auditing. The software includes tools to help firms plan and scope internal audits to ensure compliance and align internal processes and standards with broader goals and objectives. With that said, AuditBoard’s features are diverse enough to be used for all types of internal auditing and risk management processes.
AuditBoard Standout Features and Integrations:
Standout features include built-in collaboration and communication features to help keep teams aligned, plus automation features to streamline audit, risk, ESG, and governance workflows.
I also really like AuditBoard’s templating features. The OpsAudit template functionality allows you to create simple templates for recurring audit programs rather than creating entire new sets of planned audit procedures and fieldwork testing from scratch every year — saving time and maintaining audit quality.
Integrations include Slack, Microsoft Office 365, Google Drive, AWS, and Lucidchart.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Diversified feature set for risk, audit, ESG, and compliance
- Audit program templates
- Built-in collaboration and automation tools
Cons
- May be too costly for small firms
2. Workiva - Best for collaboration
Workiva is a connected risk management, financial reporting, auditing, and ESG platform for large companies. It helps connect teams throughout the organization to improve collaboration and efficiency while aligning day-to-day projects with broader organizational goals.
Why I picked Workiva
I selected Workiva because of its collaboration features and user-friendliness, both of which combine to make this tool a good option for collaborating internally, and communicating with external auditors or regulators.
Workiva Standout Features and Integrations:
Standout features include centralized collaboration and communication tools within the Workiva platform, plus auto-syncing data sourcing from all your connected platforms.
I also like how Workiva connects audit and risk management workflows directly to financial reporting. The software also makes it easy to set role-based permissions, which facilitates more secure sharing and collaboration.
Integrations include BlackLine, Oracle, Google Drive, Excel, SAP, Microsoft Dynamics, and Workday.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Over 3,000 pre-built auditing templates
- Collaborative features
- Simple integrations with dozens of popular business tools
Cons
- Overkill for small firms
3. TeamMate - Best for financial audit and assurance firms
TeamMate by Wolters Kluwer is a comprehensive audit software for large auditing firms and assurance practices. It’s used by internal audit teams, as well as public accounting firms and contractors.
Why I picked TeamMate
I selected TeamMate because it has a version specifically designed for internal audit teams and independent auditors conducting financial and compliance audits for large financial institutions.
Firms operating in the finance industry today are required to meet strict regulatory requirements and internal control standards, and TeamMate helps auditors ensure compliance.
TeamMate Standout Features and Integrations:
Standout features include a library with over 150 Computer Aided Audit Tools (CAATs) for data analytics. The TeamMate Analytics feature is equipped with data manipulation tools that quickly format raw data files so teams can perform in-depth analysis.
I really like the TeamMate University application too; it flattens the learning curve and helps teams get onboarded and learn the ins and outs of the different tools and features of the software.
Integrations include custom integrations via TeamMate APIs.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Extensive data analytics capabilities
- Designed specifically for the financial services industry
- Quick onboarding
Cons
- Expensive
- Not well suited to small companies
4. MetricStream - Best governance, risk, and compliance features
MetricStream is a governance, risk, and compliance (GRC) software solution. Its connected product line offers tools for business GRC, internal audit management, ES GRC (environmental, social, and corporate GRC), and Cyber GRC workflows.
Why I picked MetricStream
I selected MetricStream because in addition to being an audit management tool, it also covers various components of governance, compliance, and risk management across both business operations and IT.
MetricStream Standout Features and Integrations:
Standout features include AI-enabled auditing features, which allows MetricStream to select random samples for testing, automatically reconcile general ledger accounts, and verify the mathematical accuracy of financial statement line items, totals, and subtotals.
Aside from the sharp-looking dashboards, I also like MetricStream’s audit reporting tools and templates, which make it easy to share findings with stakeholders.
Integrations include threat and vulnerability scanners, regulatory compliance tools, and security tools via MetricStream APIs.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Relatively simple to use
- Connected risk management, cyber security, internal auditing
- Great reporting and dashboards
Cons
- Limited integrations
5. Diligent - Best for internal controls management
Diligent is an integrated GRC platform that has functionality across governance, risk management, compliance, ESG, and audit. It’s flexible and offers a centralized source of truth organization-wide.
Why I picked Diligent
I selected Diligent because of its advanced internal controls management features. The software is equipped with in-built communications and reporting tools to make it easy to keep executives and stakeholders informed.
Diligent Standout Features and Integrations:
Standout features include integrated ACL analytics to help teams comb through large data sets, and simple third-party integrations, which helps to enable Diligent as a single, organization-wide source of truth.
I also like Diligent’s automated controls testing and reporting features that help teams identify control gaps and high risk areas.
Integrations include SAP, Salesforce, Concur, Azure, and NetSuite.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Excellent internal controls management and data analytics features
- Simple third-party integrations
- Substantial automation features
Cons
- Steep learning curve
6. SAP Internal Audit Management - Best for automation
SAP Internal Audit Management is a top audit management software that’s part of the SAP business tools suite. It’s specifically designed for internal auditing teams.
Why I picked SAP Internal Audit Management
I selected SAP Internal Audit Management because of its extensive automation features and internal control focus. I appreciate how SAP’s AI and machine learning-driven tools can help internal audit teams save time by automating some of the more mundane, repetitive audit procedures.
SAP Internal Audit Management Standout Features and Integrations:
Standout features include automated internal auditing procedures for documentation of evidence, working paper organization, and audit reporting.
I also like the versatility of SAP’s software—it can be deployed on-premise or in the cloud, giving teams access through any mobile devices or web browser.
Integrations include SAP Risk Management, SAP Process Control, and other SAP suite products.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Flexible deployment via cloud or on-site buildout
- Excellent data security infrastructure
- AI and machine-learning tools
Cons
- Steep learning curve
7. Ideagen Pentana Audit - Best for audit planning
Pentana Audit by Ideagen is an auditing software with a diverse feature set that covers both internal and external auditing functions.
Why I picked Pentana Audit
I selected Pentana Audit because it has substantial audit planning and process mapping capabilities. For large audit teams or teams assigned to audit diversified and high-risk business operations, efficient planning is vital.
Pentana Audit Standout Features and Integrations:
Standout features include real-time updates and reporting features to keep stakeholders informed. Pentana’s live data dashboards show a numerical risk score for identified risks based on their potential impact and likelihood; which can be configured to send automatic email updates to stakeholders if scores change.
I also like that Pentana’s support team is staffed with experts who actually understand internal auditing standards and not just the software itself.
Integrations include custom integrations via Pentana APIs.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Solid audit planning workflows
- Knowledgeable customer support team with audit experience
- Designed by internal auditors
Cons
- Limited integrations
- Simplistic data visualizations
8. Onspring - Best for high-volume auditing
Onspring Internal Audit is an auditing software with process automation tools and real-time analytics. It’s best used by internal auditors and audit consultants.
Why I picked Onspring
I selected Onspring because it has automation features that can help teams track findings, review notes, and audit tasks, making it well-suited for high volume audits.
Onspring Standout Features and Integrations:
Standout features include automated audit trail building plus excellent audit planning tools to allocate resources accordingly. Onspring’s repeatable workflows, custom templating, and automated reporting can significantly reduce the time auditors spend on the more mundane, repetitive audit procedures.
I also appreciate Onspring’s survey functionality which can be used both internally and externally.
Integrations include Slack, Jira, Google Drive, Ascent, and RapidRatings.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Advanced automations
- Audit planning, scheduling, and staffing tools
- Native and third-party integrations
Cons
- Overkill for smaller audit teams
9. Netwrix - Best for IT auditing
Netwrix Auditor is an IT auditing software designed to help detect security threats, ensure compliance, and assist IT teams in maintaining stable deployments. It has a simple, straight-forward interface that should be easy for most people to learn how to use.
Why I picked Netwrix
I selected Netwrix Auditor for its focus on IT security, threat analysis, and IT auditing.
Netwrix Standout Features and Integrations:
Standout features include unified and centralized data collection and auditing of many common IT systems (Azure, Microsoft 365, etc.) to reduce the time needed to compile data from different sources.
I also like the predefined reports mapped out to comply with industry standards and legal regulations (GDPR, HIPAA, CJIS, etc.)
Integrations include SharePoint, Microsoft 365, Azure AD, Oracle Database, and SQL Server.
Pricing: Custom pricing available upon request
Free Trial: Free 20-day trial
Pros
- Tech regulation compliance support
- Identifies threat patterns and potential breaches
- Anomalous activity alerts
Cons
- Specifically designed for IT audits
10. Archer Audit Management - Best for collaboration
Archer Audit Management is an internal auditing software built into the Archer integrated risk management platform. It’s designed to serve as a centralized system to manage the entire internal auditing life cycle.
Why I picked Archer Audit Management
I selected Archer Audit Management because of its collaboration features. Specifically, I like that it enables cross-functional collaboration by encouraging teams from auditing, risk, compliance, and management to work together. For large multinationals with siloed departmental teams, these collaboration features are a major selling point.
Archer Audit Management Standout Features and Integrations:
Standout features include built-in issues management workflows to escalate audit issues and remediate audit findings, audit engagement and workpaper creation tools, and self-serve information portals for external auditors.
I like that Archer’s audit plans are aligned with current Institute of Internal Audit (IIA) standards and Committee of Sponsoring Organizations (COSO) framework to ensure teams address relevant internal controls and operational risks.
Integrations include internal data congregation via direct imports, data feeds, and Archer’s API.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Integrated cross-department tools that encourage collaboration
- Flexible deployment
- IIA and COSO compliant
Cons
- Limited integrations
11. SafetyCulture - Best for worker safety auditing
SafetyCulture is a safety and compliance management software designed with worker safety in mind.
The paid plan includes two different kinds of “seats”—the full seats have access to all the features, including management and inspections, but free seats are still able to create and complete tasks and send messages.
Why I picked SafetyCulture
I selected SafetyCulture because it’s specifically focused on worker safety and ensuring compliance with OSHA and other regulations.
SafetyCulture Standout Features and Integrations:
Standout features include easy checklists for employees to complete before and during fieldwork.
I really like how employees can use the mobile app to take and upload pictures, assign tasks to others (even non-SafetyCulture users), and check in with supervisors.
Integrations include Google and Microsoft suite products, Salesforce, SAP, and Zapier.
Pricing: Paid plan starts at $19/month per “full” user, with unlimited free seats.
Free Trial: Free for up to 10 users, and demo available
Pros
- Mobile-first design is very user-friendly
- Encourages a workplace culture of safety and policy compliance
- Very affordable
Cons
- Less about auditing and more about worker safety
- Not a standalone internal audit software
12. MindBridge - Best for financial audits
MindBridge is an AI-enabled financial auditing tool used by accountants, auditing firms, and internal audit teams. Its main function is to identify financial risk through advanced anomaly detection.
Why I picked MindBridge
I selected MindBridge because it’s an industry leader in financial auditing and anomaly detection.
MindBridge Standout Features and Integrations:
Standout features include risk-driven prioritization (using rules-based analytics and automated risk scoring) to help focus efforts on the highest-value risk mitigation strategies. I also like how MindBridge’s financial data anomaly detection tool looks at 100% of a firm’s general ledger (and even across other financial data repositories, like integrated BI tools) to find irregularities and anomalies.
Integrations include QuickBooks, Xero, and Sage Intacct.
Pricing: Custom pricing available upon request
Free Trial: Demo available
Pros
- Advanced AI-driven anomaly detection
- Efficient prioritization and overview dashboards
- Offers a learning library for onboarding
Cons
- Solely intended for financial auditing (no operational auditing features)
- Expensive
Other Internal Audit Management Software Options
These alternative audit management tools may be worth considering for your firm:
- AutoAudit - Most customizable audit management software
- IBM OpenPages - Best for regulatory compliance auditing
- Thoropass - Best auditing software with human expert guidance
- Fastpath - Best SOX compliance software
Selection Criteria for Audit Management Software
To narrow down the list of the best audit management solutions, I focused on these primary criteria:
Core Functionality
At its core, audit management software should enable your organization to:
- monitor accounting and bookkeeping activity
- analyze financial statements
- view user permissions and access rights
- assess organizational risks
- identify mitigating controls
- develop audit plans
- design testing procedures
- map internal control environment
- flag rare and unusual financial transactions
- recommend corrective actions
- summarize and report audit findings and issues
- recommend corrective actions
- monitor the progress of recommendations
Key Features
Beyond a software’s core functionality, these are some key features that I looked for in selecting the best audit management software:
- Audit program builder: To save time, audit management software should include pre-built templates—or at least the ability to make templates out of existing audits for use in future audit cycles.
- Predictive analytics: Software should help audit teams perform predictive analytical procedures during the audit planning phase, to identify high-risk areas and unusual variances in financial statement line items.
- Internal control testing: Audit teams need tools that can help them evaluate the design and implementation of a company’s internal control systems. They also need to be able to evaluate the operating effectiveness of those controls.
- Statistical sampling tools: Audit teams need to ensure samples selected for specific item testing are appropriate and representative of the total population.
- Communication tools: Audit management software should enable collaboration, both within audit teams and across the organization. It should also be compatible with collaboration (or at least accurate sharing) with external partners, such as third-party auditors or accountants.
- Reporting and monitoring capabilities: Auditing will uncover discrepancies and inefficiencies that should be addressed—and audit management software should be able to generate reports with detailed audit findings and recommended corrective actions. Audit management tools should also enable continuous monitoring and mitigation efforts.
- Data analysis: Audit management software needs to facilitate the audit team’s review and analysis of a company’s financial and accounting data.
Usability
A software’s usability is important, even for skilled teams. Usability encompasses the entire UI, but also a software’s versatility in being interacted with by a variety of users—both technical and non-technical.
It should also be noted that some software suites require extensive onboarding and training, sometimes even requiring external (paid) consultants for setup. I tried to pick software with efficient onboarding experiences, but some of these platforms are just so complex that they may require significant upfront time investment anyways.
Integrations
Finally, auditing software should integrate with some or all of the tools your firm already uses. At a minimum, this should include your financial data repository or accounting system—but integrations with enterprise resource planning software and day-to-day tools like Google Drive or Slack are also useful.
People Also Ask
Below you’ll find my answers to some common questions people have about audit management software.
What tools do internal auditors use?
How does audit management software assist internal auditing teams?
How much does audit management software cost?
Summary
Audit management software can help internal teams audit processes relating to finance, operations, and compliance. The best audit management software options are listed above and can help teams manage audit planning, fieldwork, and reporting more effectively.
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