Auditing can be a complicated and time-consuming process. With so much financial data to analyse and evaluate, the potential for human error is huge. This is why it’s so important to choose the right audit software.
There are tons of tools out there when it comes to improving audit efficiency and accuracy. So, to make your life easier, we’ve done the heavy lifting for you. Read on to learn about:
- The best audit tools on the market
- Their key features, pros, and cons
Best audit software for accountants
- Diligent HighBond
- SAP Audit Management
- Content Snare
But before we dive into our list, let's answer an important question.
What is audit software?
Audit software is designed to help auditors and accountants streamline the audit process, reduce human error, and increase the efficiency and accuracy of their work.
While it’s commonly used to help automate repetitive manual processes, audit software is increasingly used to assist in more people-focused areas, such as strategic decision-making and collaboration.
Here are some of the key tasks that audit software can help simplify:
- Data extraction and analysis
- Risk assessment
- Workpaper management
- Compliance tracking
- Collaboration and communication
The best audit management software tools
With the demand for faster, more efficient auditing processes increasing, there are now countless audit tools to choose from. For this list, we’ve focused on eight of the best. In no particular order, here are our top picks.
Kicking off our list, Auditboard is one of the most popular audit tools on the market, with over 40% of the Fortune 500 among its customers.
AuditBoard is an audit, risk, ESG, and compliance solution that connects key data from across your organisation. It also acts as a central hub for different teams, enabling seamless collaboration throughout the audit process. Here’s what it offers:
- Automated workflows across audit, risk, ESG, and compliance
- Real-time reporting and a top-down view of all your data
- Seamless integrations with popular third-party tools
- Simplified document management
- Issue tracking and management
Pros: AuditBoard is known for being easy to use and quick to deploy. Its powerful features and automation will also save you tons of time and hassle, making it one of the best all-round audit tools.
Cons: Some customers mention the growing pains that come with a tool that encompasses such a broad range of processes. AuditBoard is constantly evolving, which can be seen as a pro or a con depending on your perspective.
Workiva is a cloud-based platform that aims to simplify financial reporting, compliance, and audit management. It does this by enabling process automation, easy access to data, and collaboration across teams and departments.
Voted one of the Top 50 Accounting and Finance Products as part of G2’s Best Software Awards, Workiva offers a range of powerful features, including:
- Automated processes, including financial reporting
- Real-time collaboration on documents and tasks
- Customisable workflows, templates, and user interfaces
- Robust controls to ensure the accuracy and integrity of financial data
- Integrations with a wide range of tools
Pros: Workiva is highly customisable and scalable, making it a great fit for most businesses. On top of some impressive user reviews, Workiva boasts 98% revenue retention. That suggests that existing customers are extremely satisfied with what the product offers.
Cons: Some customers have raised concerns about the system lagging at times, while others mention the relatively high cost.
Diligent HighBond is a flexible enterprise governance platform that’s used by 75% of the Fortune 500. It provides businesses with a holistic view of their risk, regulatory compliance, audit, and ESG data.
Combining automation, analytics, and enhanced collaboration, Diligent HighBond allows organisations to realise more effective decision-making and processes. Its key features include:
- Automated workflows
- Auto-generated ESG and diversity reports
- Real-time reporting and storyboards
- Identify, assess, and manage risk in one place
- Streamlined compliance management
Pros: Users enjoy Diligent HighBond’s streamlined workflows and automation, storyboarding functionality, and the ability to track progress through audit projects.
Cons: Diligent HighBond is an enterprise tool, so smaller businesses may want to look elsewhere.
TeamMate+ is an award-winning end-to-end audit management system designed by software developer Wolters Kluwer. It’s designed to help audit teams move seamlessly through the audit workflow, from planning through execution and reporting. Here are some of its key features:
- Seamlessly collect data from third parties
- Team-based workflows
- Ready-made project templates
- Auto-generated audit reports and status tracking
- Customer portal for tracking responses
Pros: TeamMate+ is an effective tool for delivering smoother audit processes and keeping key stakeholders in the loop. Most users comment on its user-friendliness.
Cons: Some reviewers have flagged the lack of live support options. On the whole, TeamMate+ has a slightly lower average user rating than most options on this list, suggesting there’s room for improvement.
SAP is a giant in the software world, providing solutions that span enterprise resource planning, business intelligence, and human capital management. Their Audit Management software is popular among enterprises looking to streamline key auditing processes.
Available as either an on-premise or cloud-based software, SAP Audit Management enables businesses to:
- Automate the audit process
- Understand and assess risk factors
- Improve audit quality and accuracy
- Streamline document management and report generation
- Integrate seamlessly with other SAP platforms
Pros: SAP Audit Management is an excellent choice for large enterprises, especially those that already use other SAP systems. Its mobile capabilities and drag-and-drop functionality make it easy to use.
Cons: It’s not the right tool for smaller businesses, both in terms of its complexity and price.
Onspring is a cloud-based GRC (governance, risk, and compliance) software platform that has built-in functionality for carrying out internal audits. Its intuitive no-code design allows businesses to deploy process automation and real-time reporting with relative ease. Its key features include:
- Real-time insights via customisable dashboards
- Integrations with your entire tech stack
- Automatic post-audit surveys
- Robust risk management capabilities
- Compliance management with relevant regulations (SOX, IFRS, GAAP)
Pros: Onspring is relatively easy to use, with plenty of powerful features available out of the box. The ability to customise apps provides much-needed flexibility.
Cons: Onspring is much more than just audit software. If you are looking for a simple audit tool without additional functionality, you might want to look elsewhere.
DataSnipper is described as an intelligent audit platform. Unlike other audit software on this list, it isn't a standalone tool. Instead, it works within Microsoft Excel, providing a range of powerful features that help auditors do their work faster and more accurately.
Datasnipper’s customer list is pretty impressive, including Big Four accounting firms Deloitte, KPMG, and EY. So they must be doing something right. Here’s how it works:
- Cross-reference data in Excel with supporting evidence
- Automatically match Excel data with bank statements, invoices, and other documents
- Extract data directly from documents into Excel
- Automatically verify the accuracy of financial documents
- Automatic text recognition allows you to search scanned documents
Pros: DataSnipper is a fantastic tool for accountants and auditors that work heavily in Excel. Its handy features will save you tons of time while enabling you to improve the quality and accuracy of audit work.
Cons: Because DataSnipper isn’t a standalone tool, it doesn’t have the functionality around compliance, risk, and collaboration that you’ll find with dedicated audit management tools.
Wrapping up this list is a tool that’s close to our hearts. While it’s not audit software in the strictest sense, Content Snare streamlines the process of gathering client information.
Whether it’s basic contact information, compliance documents, or other audit documentation, Content Snare enables you to collect the information you need to do your job - without the need for back-and-forth emails or messy spreadsheets. With Content Snare, you can:
- Create custom-made forms, or use ready-made form templates
- Request a wide range of information, data, and content
- Approve or reject submissions with a single click
- Have in-app conversations with clients about specific requests
- Send automated reminders for missing info
- View progress across projects via our dashboard
- Integrate with a wide range of third-party tools
From the client’s side, Content Snare offers an intuitive user experience that takes the hassle out of submitting information. And with our auto-save functionality, clients can pick up where they left off without losing their progress.
Pros: If you spend a lot of time chasing clients for key information, Content Snare is the perfect tool for you. With smart features and automation, you’ll save countless hours while delivering a superior UX for your clients.
Cons: Content Snare can help you gather the information you need to perform an audit, but it can’t help with the audit itself. So you’ll need to use it alongside a dedicated audit software tool.