Audit software or audit management software is a specialized program that performs a variety of audit functions, such as sampling databases, preparation, auditing, report approval, report issuance, response and generating confirmation letters to customers and vendors. Audit management software is majorly used in heavily regulated industries such as chemicals, health care, pharmaceuticals, food and beverage, etc. Audit management tools are used by skilled professionals or by operations managers in order to schedule audits and analyze results. Employees from manufacturing or distribution departments use such type of software to implement audit procedures and report results to managers.
Audit management software needs to collect data from various systems such as quality management software, ERP systems, safety software, environmental health, and enterprise asset management software in order to deliver optimal results. Audit management software strengthens efficiency of audit staff, enables them to increase focus on value-oriented functions such as analyzing and recognizing trends in the audit data. Increasing need for effective risk management and compliance with government regulations are some major consideration for audit software for ongoing auditing. Regular audits are necessary in order to reduce risk of non-compliance for those companies which are regulated by the FDA or are following quality standards such as ISO 9000/14000.
However, audit management is becoming challenging, growing complexity of businesses and number as well as types of audits need to be conducted. Companies realizing that point solutions and spreadsheet-based systems are no more suitable for managing internal audit programs.
The global audit software market valued at US$ 862.5 Mn in 2018, and is projected to increase at a significant CAGR of 11.2% from over the next 10 years. Type of audit software’s are cloud-based, installed-PC, and installed-mobile. installed-PC audit is a freeware system, hardware, and software information tool. It extracts details of all components of PC, shows installed software with version, and product key. This type of audit software does not require installation and can be used as a portable application.
- By Type
- By Region
- By Application
Audit software is used across various applications such as small & medium business, and large business. The use of audit software in small & medium business as well as in large business to gathering evidence, conducting analytical tests, sampling of data, evaluation of internal control, documenting and scheduling the audit, printing exception reports, prepare audit reports, sending out confirmations and management letters.
Technological advancements and innovative product launches will create lucrative opportunities for players operating in the global market. Similarly, manufactures and audit software service providers focusing on development of new technology and enhance their network footprint across the globe by strategic merger and acquisition activities. Early adoption of new and advanced technologies by various companies in North America can lead to high demand for audit software to a significant extent. In Asia Pacific, awareness regarding such technologies and its benefits in inclining and will result in high adoption rate in the years to come.
Some of the major players operating and profiled in the global audit software market report include Resolver, Gensuite, Wolters Kluwer/TeamMate, Plan Brothers, Optial, Perillon Software, ProcessGene, Oversight Systems, MasterControl, ComplianceBridge, Tronixss, Reflexis Systems, SAI Global, Isolocity, Insight Lean Solutions, and AuditFile.