Audit Software is used by auditors to facilitate their work and make day to day tasks easier, and for the purposes of this post we’re not including general office productivity software (e.g. word processing, spreadsheets, email, etc.) as these are not specific Audit Software tools and are already embedded in virtually every office environment.
There are 2 main types of Audit Software – Engagement Management Software and Generalized Audit Software.
Engagement Management Software
This type of Audit Software includes products such as work paper management, document storage, electronic working papers.
The benefits of Engagement Management Software are:
- Easily sharing information amongst the team, facilitating reviewing
- Standardising the work flow
- Paperless nature ensures data can be backed up, no risk of losing audit files, lower storage requirements
Some of the most common Engagement Management Software products are: TeamMate, Pentana, APEX and MKInsight.
Generalized Audit Software
Despite the name, Generalized Audit Software, or GAS has a very specific function – analysing data! It is used to mine and analyse data (often in vast quantities) to identify anomalies, errors and omissions and is used in gathering audit evidence rather than documenting
The key benefits of Generalized Audit Software are
- Improved efficiencies by automating manual procedures
- Reduced risk by testing entire populations reducing reliance on sampling
- Added value by providing more detailed insight into underlying records
- Increasing the range of testing available to the Auditor
Some of the most common Generalized Audit Software products are: TopCAATs, ACL and IDEA. It should be noted that although Excel is often used to carry out similar work, it is not a specific audit software. Please see our post on this topic for more information about Excel as an Audit Software tool.
If you’re interested in Generalized Audit Software, be sure you read our free whitepaper “Everything you need to know about evaluating CAATs” – it will help you avoid some of the pitfalls others have made when buying audit software. You can request your copy using the form on the right of this page.