Custom Vendor Landscape
Audit Management Software
Prepared for: (Redacted)
Understanding the Current State
| Objective | Vendor Criteria |
|
(Redacted) is looking for a best-of-breed audit management software. Must have capabilities include audit, reporting, resource and content management, analytics, risk assessments, and project timekeeping. (Redacted) currently uses an outdated version of TeamMate audit management software. This lacks some of the required functionality required for a smooth audit process. The goals of these objectives aim towards improving the overall audit management process to support the high number of projects undertaken annually, minimizing errors, risks and reduced workload on employees. |
In evaluating the market space, Info-Tech's analysts looked at the following vendor attributes:
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Selection Rigor Matters
Intuitive audit management software can access and analyze almost all audit data – no matter how dark it may seem – and prove the true value of the audit function in the process. (Source: Governing)
Defining the Market
Market Definition
Audit Management software enables organizations to efficiently track and ensure compliance for their projects. This is done through management of content, reports, procedures, and data integration.
Typical features of software in this space include audit management, resource management, analytics, risk management, resource database and project tracking.
The primary drivers for these software are reducing time and effort on audits and ensuring compliance through uniform processes. As the software enjoys increased usage and investment, the focus grows on maximizing value with both drivers.
Robust audit management software must provide a smooth, intuitive experience for all users, while providing a range of functionality and integration to organizational needs.
Key Trends
The quality of Audit Management Systems has improved significantly with an influx of investment and competition with users focusing on a seamless overall experience. Organizations must use the most advanced software to maintain user satisfaction.
Some top trends impacting Audit Management Software for 2024:
SaaS Deployment
Artificial Intelligence
Data & Analytics
Real-Time Collaboration
11.3% CAGR
Investment is driving a 11.3% growth in the audit management software market. (2024-2032)
Source: Expert Market Research
Top Level Features
| Feature Name | Description | |
|---|---|---|
| Audit Management | Presence of electronic workpapers, notes, draft findings, management documentation. Must have audit plan preparation functionality, assigning workforce to different audits, role-based access control and audit job management with unique job numbers. Also essential is follow-up tracking for audit recommendations. | |
| Report Management | Real-time reporting status, collaboration and workflow lifecycle management, report aging and versioning, annual reporting. | |
| Resource Management | Must be able to support assigning staff and resources to different audit cases, project budgeting with deadline/time management, scheduling capabilities and capacity planning, skill mapping with employee self-service abilities. | |
| Content Repository | There should be within the software a repository of all audit documentation and reports dating at least 10 years after audit completion. Library must contain previous audit procedures, findings and recommendations. Easy search abilities. | |
| Risk Assessments | Must be able to catalogue and quantify audit risk areas, prioritizing risks and mapping to audit plan. Must provide recommendations. | |
| Project Timekeeping | Should have the ability to track time spent on different audits, allocating staff and resources accordingly. One time entry with no double booking. | |
| Data and Analytics | The system must provide analytics reports on how audits are performed, system runtime, cycle time for each workflow, number of cases processed and resource hours/cost for each case. | |
| Integrations | Must have open APIs and be easy to integrate with any other business software for easy data import and export. |
Key Players
Info-Tech identified 9 platforms applicable to the use case. The platforms are listed in alphabetical order.
