What is an audit management system?Published October 21, 2019 • < 1 min read
An audit management system is software that significantly cuts the time and effort it takes for an organization to pass an external audit or conduct an internal audit. It does that by automating audit lifecycle activities to simplify the process.
Audit software can also integrate with a document control system, enabling users to find and access any necessary audit program documentation.
Audit management software ensures companies implement board-approved audit directives. It also helps streamline and organize the workflow and collaboration process of compiling audits.
Effective risk management and the requirements to comply with government and industry regulations are spurring the need for ongoing auditing. For example, regular compliance audits reduce the risk of non-compliance for companies that are regulated by the National Institute of Standards and Technology Cybersecurity Framework or that adhere to ISO 27001 or the Payment Card Industry Data Security Standard.
An audit management solution helps companies manage audit planning, audit-related tasks, audit data, and audit processes in one, comprehensive system . It also allows companies to create and maintain audit checklists, identify areas that they might need to improve, and implement the processes necessary to take corrective actions.
Other advanced system functionality lets organizations implement industry best practices to ensure successful audits. Such features include built-in remediation workflows, email notifications and alerts, risk assessment procedures, and offline audit capabilities.
With audit software, companies can track their previous audit findings, maintain a trail of audit reports, and get ahead of preventive actions in the name of continuous improvement.