Top 10 Audit Automation tools in 2024

Over the years, the auditing landscape has undergone remarkable transformations, and among the most significant advancements has been the advent of audit automation software solutions. Computer-Assisted Audit Tools and Techniques (CAATTs) have been available to auditors since the early 1990s. However, the rate of adoption of technology in the audit industry had been low at the start of the century. The 2012 AuditNet Audit Use of Technology Survey showed that while data analysis software was the most widely used category of audit software, a substantial number of auditors employed these tools on an ad hoc or not-at-all basis.

The situation has changed now. With research showing that adopting audit automation tools can significantly reduce costs and save time, there has been a shift towards increased technology utilization. The advent of AI tools has pushed this shift further. According to TechNavio, the audit software market is poised for substantial growth, with an estimated Compound Annual Growth Rate (CAGR) of 13.36% anticipated between 2022 and 2027. The market is expected to witness a significant increase, amounting to USD 999.24 million.

The growth of the audit automation software market is driven by two key factors: the increasing popularity of cloud-based solutions, offering enhanced accessibility and cost-effectiveness, and the growing need for organizations to comply with stringent auditing regulations, leading to the adoption of robust and automated audit software tools. The prevailing awareness of the manifold benefits offered by audit automation software, such as improved accuracy, advanced data analytics, and efficient risk identification, is further fueling its adoption across diverse industries.

So, what is audit automation software, and what are the popular tools that are used for audit automation today? Read on.

What is an audit automation software?

Audit automation refers to the use of advanced AI software and cloud-based data to streamline the auditing process. By consolidating financial data from various sources using software, auditors can efficiently analyze and process large volumes of fin-data from various sources for auditing, reporting, and taxation purposes. The use of intelligent data analytics tools, in addition to fin software, can provide an overview of the finances and thus help auditors look at the big picture.

Audit automation encompasses a diverse range of digital technologies, including predictive models, data integration tools, and cognitive intelligence applications, all of which optimize the audit process and enhance productivity. This transformational technology not only reduces workloads and labor costs but also ensures heightened accuracy, which is particularly vital in fast-changing regulatory landscapes.

Audit software significantly streamlines workflows and conserves resources required for compliance, making it an essential tool for organizations facing mounting pressure to adapt to evolving regulations. With its capacity to deliver valuable insights and effectively mitigate risks, audit automation emerges as a powerful ally in enhancing efficiency and driving success.

How does audit automation work?

Audit automation involves the use of advanced technologies, such as artificial intelligence (AI), data analytics, and cloud-based systems, to streamline and enhance various aspects of the auditing process. Here's a step-by-step overview of how to audit software functions:

• Data Collection: The first step of collecting fin data from various sources, including bank statements, invoices, payment receipts, operational databases, spreadsheets, and other relevant repositories, is the most time-consuming of the entire operation. Using software to automatically capture and categorize fin-data is the first step of audit automation.
• Data Integration: The collected data is then integrated and consolidated into a centralized platform. Automation tools can handle diverse data formats, allowing auditors to efficiently access and analyze information from different sources seamlessly.
• Data Analytics: AI-powered data analytics tools are employed to analyze the consolidated fin-data. These tools can process large volumes of information and perform complex calculations to identify patterns, trends, and anomalies in the fin-data that help in overcoming roadblocks in the auditing process.
• Risk Assessment: Audit automation helps auditors assess risks more effectively by identifying potential red flags and areas of concern within the data. It enables a more comprehensive and targeted risk assessment process.
• Continuous Monitoring: Some audit automation solutions offer continuous monitoring capabilities, enabling real-time tracking of key performance indicators and potential risk indicators. This proactive approach ensures that auditors can promptly address emerging risks.
• Testing and Validation: Automation tools can execute predefined audit procedures and checks, ensuring that controls and policies are being followed correctly. This automated testing and validation help save time and minimize human error.
• Reporting: Audit automation generates comprehensive and standardized reports based on the analyzed data, highlighting key findings, issues, and recommendations. These reports are presented in a clear and concise manner, facilitating decision-making for stakeholders. Such reports are also useful in tax activities.
• Workflow Management: Audit automation software streamlines the workflow by assigning tasks, setting deadlines, and facilitating collaboration among audit team members. This helps improve overall efficiency and coordination.
• Documentation and Storage: The automation system maintains an organized and secure repository for audit documentation, ensuring that all relevant information is easily accessible for future reference and regulatory purposes.
• Continuous Improvement: As auditors use automation tools repeatedly, they can refine and improve the auditing process by incorporating feedback and making necessary adjustments. This iterative approach drives continuous improvement in audit practices.

Top 10 Audit automation tools

1. SAP Audit Management:

SAP Audit Management is a cutting-edge component of SAP ERP (Enterprise Resource Planning), introduced to accelerate business growth and enhance audit visibility and traceability. By automating various audit processes, SAP Audit Management enables businesses to focus on growth and risk management rather than spending excessive time on audit findings. With mobile capabilities, it offers a flexible and easily accessible solution for end-to-end audit management. The software covers the entire audit process, from planning and execution to monitoring, with dynamic search functions to meet diverse business needs. Integrated with SAP Risk Management and SAP Fraud Management, SAP Audit Management ensures smooth business operations, fraud verification, and risk assessment.

Features:

• Mobile capabilities for flexible access on different devices and platforms
• Comprehensive coverage of the entire audit process, from planning to monitoring
• Dynamic search functions to meet specific business needs
• Integration with SAP Risk Management and SAP Fraud Management
• Drag and drop functionality for ease of use
• Value-driven search option from working documents
• Intuitive user design for enhanced efficiency
• Universal audit request monitoring and a single source for a complete audit universe

Pros:

• Effective project management capabilities
• Streamlining internal auditing processes
• Integration with SAP Risk Management, SAP Process Control, and Access Control
• User-friendly interface with drag-and-drop functionality
• Flexible deployment options, both on-premise and cloud-based

Cons:

• Data functionality could be made more practical
• Navigation may be complicated for new users, requiring simplification for a better user experience
• Limited to auditing SAP systems; separate audit management tool needed for organizations using other ERP systems
• Expensive for small organizations
• Integrated solution; continuous solution preferred
• Limited predictive audit functionality
• Big data functionality may be more marketing-driven than a practical reality
  

Source:

• Stechies
• TrustRadius

2. AuditBoard:

AuditBoard's connected risk platform is designed to elevate risk management practices and drive strategic decision-making within organizations. At its core, the platform consolidates critical organizational data, including risks, controls, policies, frameworks, and issues, in a unified data core. Surrounding this core are powerful platform capabilities such as collaboration tools, automation, a workflow engine, business intelligence, and an extensible integration layer. AuditBoard offers a suite of applications, namely RiskOversight, CrossComply, OpsAudit, SOXHUB, TPRM, and ESG, which leverage this foundation to streamline audit processes, enhance internal controls, and facilitate operational excellence.

Features:

• Audit scoping
• Audit risk assessment
• Audit project management
• Time and expense management
• Audit work paper management
• Audit evidence management
• Reporting
• Issue tracking
• Internal audit performance management

Pros:

• Efficient control documentation
• Comprehensive dashboards for enhanced visibility
• Robust reporting capabilities
• Streamlined Audit Management
• User-friendly editing features for test sheets and attached documents
• Ability to maintain a detailed Audit Trail

Cons:

• Limited functionality of dashboards
• Lack of seamless integration with other platforms

Source:

• Gartner
• TrustRadius

3. HighBond:

HighBond by Diligent is an enterprise governance software platform designed to fortify security, audit, compliance, assurance, and risk management practices. By centralizing workflows and providing real-time data aggregation, HighBond empowers teams to make informed decisions and streamline reporting. This comprehensive platform caters to all aspects of governance, risk, and compliance (GRC) programs, offering a unified solution for managing various critical functions.

Features:

• Audit scoping
• Audit risk assessment
• Audit project management
• Time and expense management
• Audit work paper management
• Audit evidence management
• Reporting
• Issue tracking
• Internal audit performance management

Pros:

• Intuitive usability once the optimal workflow is defined.
• Customizable configuration options to meet clients' specific goals.
• Consistent delivery of desired outcomes, assisted by the implementation of Robots to handle intricate situations and propose effective workarounds.

Cons:

• Excessive clicks are required within Projects to navigate to the desired page.
• Complexity in understanding user profiles for Contributor and Oversight roles.
• The inefficient user experience when applying filters in Results due to double-click requirement.
• Limited reporting capabilities without advanced ACL for Windows skills, as computed fields are unavailable in Results.

Source:

• Gartner
• Software Advice

4. Workiva:

Workiva stands as a comprehensive platform that effortlessly brings together data, teams, and processes related to financial reporting, ESG goals, audits, and risk management. Addressing the growing complexities arising from new regulations, stakeholders, and data sources, Workiva streamlines tasks and ensures trust and transparency in all outputs, including annual reports, SEC filings, climate disclosures, board decks, and audit committee presentations.

Features:

• Collaboration
• Ad Hoc Reports
• Data Visualization
• Sales Reporting
• Dashboard Creation
• Financial Reports
• Marketing Reports
• Drill Down
• Deployment: Cloud-Based
• Payment: Monthly
• API
• Customization
• Mobile Support: Android, iOS, Workiva app
• Desktop Platforms: Web App, Windows, Mac

Pros:

• Unique feature: Ability to send certifications to ensure governance and up-to-date documents.
• Excellent value for money with outstanding features.
• User-friendly interface and exceptional customer support.

Cons:

• Cannot directly edit existing Microsoft documents within Workiva; necessitates manual copy-pasting.
• Limited reporting formats, leaving room for improvement in this area.

Source:

• SoftwareSuggest
• G2

5. TeamMate:

TeamMate+ is a purpose-built audit management software designed to optimize audit workflows for efficiency and effectiveness. From establishing annual plans to audit planning, fieldwork, reporting, and follow-up, TeamMate+ streamlines the entire audit process. The platform offers decisive integration to enable collaboration with stakeholders and real-time data collection, providing valuable insights to all involved.

Features:

• Compliance Management
• Issue Management
• Workflow Management
• Risk Assessment
• Audit Planning
• Mobile Access
• Alerts/Notifications
• Dashboard
• Forms Management
• Asset Tracking
• Task Management

Pros:

• Ability to integrate with MS Office products and PDF, enhancing functionality.
• User-friendly layout with improved navigation compared to TeamMate AM.
• Flexible configuration options in alignment with work methodologies.
• Easy to use, especially after training.
• Comprehensive coverage of the entire audit process.
• All modules are accessible from a single window.

Cons:

• A project dashboard with multiple tabs for project search can be cumbersome.
• Limited capability to customize reporting templates according to organizational needs.
• Lack of integration with the payroll system for timesheet management.
• Some functionality used by teams in TeamMate AM is missing in TeamMate+.
• Report editing is often required to fit customizations.
• No offline sync capability.
• Absence of "Contributor" role in issue management.
• The client-side does not display the issue titles of the issues.

Source:

• G2
• Software Advice

6. AutoAudit:

AutoAudit offers a structured approach to scoping, conducting, analyzing, and reporting internal audits for enterprises of all sizes. The platform empowers internal audit teams to enhance efficiency, enabling them to focus on deeper engagement with their organizations. With a user-friendly interface and robust analytical capabilities, AutoAudit simplifies risk-based internal audits, ensuring alignment with strategic goals and delivering actionable results.

Features:

• Risk Assessment: Review and rate auditable entities, upload internal models, and leverage COSO/COBIT risks and controls.
• Workpapers: Benefit from Microsoft® Office integration, scan files, annotate PDFs, and access files remotely.
• Surveys: Create inviting surveys, manage contacts, send and follow-up, and analyze and report on results.
• Workspaces: Navigate through easy-to-use workspaces, drag and drop/cut and paste audit documents, and view audits on personalized dashboards.
• Issue Tracking: Full integration with Microsoft Outlook, generate auto-alerts on open actions, and assign responsibility to audit participants.
• Archiving: Archive audits and related documents, facilitate e-discovery and external reviews and purge audits to meet data retention policies.
• Reporting: Utilize the report template library, create custom reports, and export data, charts, and graphs.

Pros:

• Improves internal audit processes with ease and functionality.
• Excellent support desk and helpful assistance.
• Extremely user-friendly, making it stand out for new users.
• Cloud solution with reliable service availability.
• Keeps all audit files organized.

Cons:

• Reporting can be tedious and challenging.
• Limited reduction in audit documentation times, focusing on features for faster documentation.
• Delay in implementing bug fixes.
• Lacks certain intuitive features found in other software, leading to a learning curve for new users.

Source:

• Gartner
  

7. Hyperproof:

Hyperproof is a compliance management software designed to streamline audit processes, assess and mitigate potential risks, and manage compliance programs for businesses. With its user-friendly interface and comprehensive features, Hyperproof empowers administrators to track auditor requests, gain visibility into program summaries, security controls, identified risks, and ongoing team activities, all on a centralized platform.

Features:

• Activity Dashboard
• Reporting & Statistics
• Third-Party Integrations
• API
• Reporting/Analytics
• Data Import/Export
• Alerts/Notifications
• Compliance Management

Pros:

• "My Work" feature provides a clear view of tasks that require attention.
• Efficient and reliable, with excellent customer support.
• Easy to use.

Cons:

• Occasionally requires multiple tabs of Hyperproof to fully understand ongoing tasks.
• Some confusion with controls when multiple projects are open.

Source:

• GetApp

8. Onspring:

Onspring is a cloud-based, no-code software designed for reporting, analysis, process management, and coordination. Its connected solutions cater to Governance, Risk & Compliance, IT Service Management (ITSM), and Business Operations, enabling teams to achieve efficiency and access key metrics anywhere, anytime.

Features:

• API
• Access Controls/Permissions
• Activity Dashboard
• Activity Tracking
• Alerts/Escalation
• Archiving & Retention
• Assessment Management
• Audit Management

Pros:

• User-friendly interface; easy to use with little training required.
• Leverages existing data for time-saving solutions with minimal capital outlay.
• High end-user adoption due to intuitive and straightforward functionality.
• Strong security controls, including retention features.

Cons:

• Some features may lack maturity initially but are often improved in later releases.
• Reports development interface can be challenging, especially when dealing with numerous fields.
• The blank slate approach during the initial rollout might be overwhelming for some users.

Source:

• Software Advice
• GetApp reviews

9. Ideagen Pentana:

Ideagen Pentana is comprehensive audit management software suitable for businesses of all sizes and industries. Leveraging risk and control frameworks, the program facilitates internal audits and offers functionalities such as compliance management, exception management, issue management, risk assessment, and internal controls management. Pentana allows users to comply with various standards and regulations, including SOX, ISO, ESG, and COSO, while managing and executing internal audit and SOX work. The software features live data dashboards, central libraries of objectives, risks, controls, and tests (ORCT), and seamless integration with Ideagen Risk Management for a holistic view of the risk landscape.

Features:

• Compliance with various standards and regulations, including SOX, ISO, ESG, and COSO.
• Live data dashboards and reporting.
• Remediation activities to mitigate identified risks.
• The central library of objectives, risks, controls, and tests (ORCT) for consistent audit activities.
• Collaborate easily with auditees through clear processes, sampling, and questionnaires.
• Seamless integration with Ideagen Risk Management for a comprehensive view of risks and audit issues.
• Data integration from across the business for enhanced visibility and analysis.

Pros:

• Easy setup and helpful support team during the installation.
• Provides an organized approach to managing audit findings and workstreams.
• Intuitive system for risk assessment, control management, and report creation.
• Cost-effective compared to similar products, with smooth implementation and good customer service.
• Intuitively designed audit scopes, plans, and work papers, with the simple attachment of supporting documents.

Cons:

• Some end-user aspects could use improvement, and accessing assistance may not be straightforward.
• Creating companies within others can be challenging for growing companies.
• Limited customization options and bureaucracy in the system, requiring multiple clicks to progress.
• Report generation may require adjustments and programming knowledge for advanced customization.

Source:

• GetApp
• G2

Frequently asked questions