There are many audit softwares available, each with different prices and features. Your company's specific needs will dictate the best software choice. Find out how to determine the costs and requirements for implementation. Don't hesitate to request a trial if you aren't certain what to look out for.
Features
Software for auditing should include a wide range of features that will streamline the process. These include the ability for users to assign tasks and to track time until they are completed. It should also have an automated system to notify users when tasks due. It should be able, among other things, to generate customized forms and checklists in order to speed up data collection. A dashboard should be included to allow you to visualize data trends and track progress.
Information that is required to be audited could be distributed across different systems and stored in different formats. In addition, it may be stored in different database management systems and may move through different telecommunication environments using different protocols. Additionally, it might be located at different physical locations. This complexity makes it essential for auditing software that data can be sorted according to multiple criteria.
Costs
The cost of auditing software can be staggering. Cherwell-Express conducted a recent study and found that almost half of the organizations spent at most $50,000 on software audits. Some of these organizations have spent as high as $5 million. Many times, audits of these organizations are conducted by independent software vendors that have the authority and authority to audit their customers. In such cases, vendors will explain the audit process to clients and notify them before.
Software audits can cause disruptions in day-to-day operations, which is one of the largest costs. A significant time-consuming task for staff is also required, as audit preparations can take up much of their staff's time. The survey revealed that 45 percent of software audits were completed in less than three months.
Requirements
You must have certain requirements for your audit software to be successful. The software must work with Microsoft Office products. It should be able perform required audit functions, and it can be installed on either a single PC or a network. It should also allow users to assign security permission levels and modify default software parameters. Most importantly, it should require minimal administrative support.
Finally, audit software should not be difficult to use. It should allow cross-departmental collaboration. It should also offer features that help your team understand the other departments' processes, including information security and regulatory compliance.
Implementation
It is crucial that an organization implements a software auditing system after purchasing it. This audit gives an opportunity to an organization to look closely at how it uses the software and ensure it is functioning according to its intended purpose. To begin, an organization should create a software audit team consisting of employees from legal, software procurement, and IT.
There are various types of audit applications, including generalized audit software, business intelligence (BI) software, and spreadsheets. Each type requires data extraction and analysis. These software programs can either be integrated into an existing IT infrastructure of the company or developed with the assistance of consultants.