Types of audit software

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 “How to avoid making costly mistakes when evaluating CAATs” – it will help you avoid some of the pitfalls others have made when buying audit software.

 

The 7 biggest challenges auditors face

If you’re reading this post, I imagine you’re an auditor, and like pretty much every auditor you probably face a number of challenges in your work.

Through working with auditors like you, we’ve identified the 7 biggest challenges that auditors face and compiled a free eBook which offers real solutions to help auditors address each of them. You can request your copy using the form on the right of this page.

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One comment

  1. jashim ahmed

    Engagement management software and generalized audit software is essential to carry out the modernasition business smoothly.pls send me the said software.

    Regards.

    Jashim Ahmed

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