15 Best Audit Management Software For Small and Medium Firms 2022

Corporate fraud may have come up in conversation. It is not typically true for huge firms, but the same occurs for small and medium enterprises.

These companies’ security relies on compliance technologies, such as auditing software, to prevent this kind of fraud.

Consequently, organizations use auditing software to strengthen their internal controls for better compliance and to safeguard security.

Why Is It Important To Have Audit Management Software?

Audit software is a technological tool that organizations use to perform audits of different types.

It makes it easier to handle corrective actions and other tasks with a breeze, prepare seamless audit reports quickly, and collect reliable data during audits. The use of audit software streamlines and reduces business operating expenses.

Audit management is crucial to guarantee that all audit directives are appropriately adapted and performed. It motivates every company to:

• Optimize Your Auditing Strategy
• Audit Findings may be tracked and managed.
• Streamline the audit process and save costs.
• Have a comprehensive understanding of your business through Detailed Audit Results.

The following are the 15 best audit management software for small and medium-sized businesses:

1. Netwrix Auditor (Quotation-Based)

Netwrix Auditor is one of the best cloud-based auditing popular platforms for small and medium business owners. This auditing solution can easily trace data access through an IT system, whether on-premises or in the cloud.

With this user-friendly and customizable auditing software, companies may complete regular audits to comply with their internal regulations and control their hybrid IT system.

Key Features:

• Give real-time risk alerts to help small and medium-sized businesses detect threats.
• Lockdown overexposed data
• Keep audit trails for a long time
• Automate reporting tasks
• Observing the actions and behaviors of the users
• Security analytics for the management of businesses
• Desktop apps are supported.

​​Pros:

• Intense data security for your organization.
• Quickly identify risks or threats to your company’s data
• Prevent against ransomware
• Streamline and automate the day-to-day operations of the IT department
• Monitoring in real-time.

Cons:

• Reporting filters might be a bit challenging to utilize at times
• Netwrix’s latest version tends to take more hard drive space
• The mobile application is not available.

2. iAuditor ($0 – $19 Per Month)

iAuditor is an auditing software that assists small and medium firms in carrying out and managing quality inspections and safety audits. This cloud-based solution is suitable for various industries conducting safety inspections and audits.

Packed with multiple audit and business capabilities, the platform essentially automates site inspections and safety audits to build more flexible methods in operating activities.

Key Features:

• More than 57,000 templates are available in the company’s public library.
• Integrations with third parties
• Gain access to inspection forms at any time and from any place.
• Conduct inspections, build checklists, and submit reports.
• Available for both desktop and mobile apps.

Pros:

• A range of file formats and audit histories may be stored digitally to develop and track trends for your SME businesses
• Exceptional customer service
• Simplified process for developing and managing changes
• Easily construct a template and tailor it to the requirements of your small or medium-sized business.

Cons:

• Takes some time and effort to convert your templates to PDF
• No option for multi-document management.

3. Intelex (Quotation Based)

Intelex is reliable auditing and EHSQ management system used by at least 1.6 million people worldwide. With the use of the cloud, organizations may create a centralized system for managing, accessing, and storing their data.

Meanwhile, Intelex provides a broad range of powerful capabilities for audit management, compliance and risk management, root cause analysis, reporting, and so on.

Key Features:

• Streamline, plan, and organize audit reports
• Collect, monitor, and consolidate company data with Intelex
• Audit planning
• Risk assessment and compliance
• Maintain your productivity by using the Audit Trail Sync feature
• The mobile app is ready to use.

Pros:

• Use an asset and compliance monitoring system under the roof of the platform
• Multiple platforms are supported by business owners and executives
• Accessing with extremely adaptable, versatile, and effective audit system
• The user-friendly interface
• Document control is super beneficial.

Cons:

• Implementation is quite tough except if the product comes pre-configured.
• The licensing approach is irritating, but they are prepared to be adaptable to make things work
• Desktop apps cannot be installed.

4. Asset Panda (Quotation Based)

Asset Panda is a comprehensive auditing and asset management system for small and medium firms. Asset tracking, safety, and regulatory compliance are all made easier with this cloud-based solution, which is both cost-effective and customized.

This audit tool is also intended for usage on any device to allow smooth collaboration across the team in real-time.

Key Features:

• An asset tracking system connected with the platform.
• A highly flexible system that supports an unlimited number of users
• Keeping tabs on compliance and usage
• Configurable audits
• Bulk asset reallocation
• Management of the asset life cycle history
• Software integrations
• Accessible for both desktop and mobile apps (Android and IOS).

Pros:

• Multi-field customizability and asset imports
• Allows posting and exchanging of relevant documents relating to assets.
• Use a barcode scanner or a text search to find asset records quickly.
• Allows company owners to keep track of their assets and important information.

Cons:

• There is no openness about pricing.
• No GPS to track assets in real-time
• Add-on attributes are not as outperformed as standard features.

5. Gensuite (Quotation Based)

As one of the leading auditing cloud solutions, Gensuite helps small and medium firms streamline their audit, day-to-day procedures, and compliance, especially in EHS compliance.

Also, this platform delivers innovative and integrated apps that build businesses existing to investigate and detect risk by conducting risk assessment and management duties to accomplish compliance.

Key Features:

• Maintain adherence with ISO, VPP, and other standards by implementing an electronic management
• Compatible with 3rd party EHS system
• Integrated business intelligence and data analytics
• Multi-Year Planning
• Support for both desktop and mobile apps.

Pros:

• Achieve corporate compliance while limiting exposure to risk
• EHS software is easy to use, making it simpler to deal with tough problems.
• Can plan and carry out audits and improve the company’s audit process.
• Easily set up and manage a regular audit schedule, assigning particular resources to the various audit activities.

Cons:

• Platform customization may be sluggish and time-consuming
• The authorization and scope paradigm might challenge non-EHS specialists and novice users.

6. Onspring Audit Software (Quotation Based)

Onspring Audit Software is a cloud-based audit software, that enables companies to develop strategic goals, improve implementation, and strengthen their internal audit management to achieve peak-performing results.

The entire company’s audit efforts will be better controlled, more transparent, and more effective as a team by using this platform. It allows companies to link audit programs with critical business prospective and risks.

Key Features:

• Governance, risk & compliance suite
• Small to medium-sized business operations suite
• IT service management suite
• Frameworks & regulations
• Robust tools to enhance the internal audit team
• Support various reports.

Pros:

• Optimized task assignment
• Overview of actual business operations
• Employ in-the-moment analytics to anticipate risk, events, and expiring contracts
• Generate the finest business and contract strategy at the lowest possible cost
• Cost-effective contract management

Cons:

• Need a deep learning curve with the platform’s user interface.
• The API for third-party app integration is a little outdated.
• Inflexible role management
• No desktop & mobile app.

7. ZenGRC ($2,500 – $6,000 Per Month)

ZenGRC is an affordable, low-maintenance cloud-based solution for audit and compliance. This flexible platform can be deployed online and on-premise, making it easy for small and medium firms to incorporate it into their auditing processes.

An intuitive dashboard also makes it simpler for organizations to increase their production and efficiency. Moreover, it allows the management team to take a more proactive approach to respond to market changes.

Key Features:

• Alerts, archiving & retention
• Audit management & audit trail
• ISO & HIPAA compliance
• Small to medium business process control
• Controls testing
• Compliance reporting & management
• Internal controls management
• Desktop app

Pros:

• Run a successful GRC system in an agile and efficient package that is straightforward, concise, and minimalistic.
• Create a Sarbanes-Oxley software in a flash with the GUI and the template import.
• Fulfill a thorough internal audit, including collecting and analyzing evidence and control assessments.

Cons:

• People who aren’t as tech-savvy may have trouble with this feature.
• Several additional functionalities are needed to minimize time throughout the evidence collecting and verification process.
• No Mobile app

8. AuditBoard (Quotation Based)

AuditBoard is a cloud-based audit solution developed for (Sarbanes-Oxley) SOX compliance for accounting, corporate audits, enterprise resource planning (ERP), and much more.

Small and medium-sized businesses can manage, collaborate, analyze, and transmit critical corporate control information instantly with this cutting-edge technology.

Key Features:

• Archiving & retention
• Audit planning & audit trail
• Business process control
• Controls testing
• FDA, HIPAA & ISO compliance management
• Exceptions management
• Internal controls management.

Pros:

• The extensive product portfolio for audit and risk management
• Audit and compliance processes can be viewed in their entirety
• Automated SOX auditing and reporting for small to medium-firm
• Automated task management.

Cons:

• Inability to generate reports and keep track of issues
• A significant amount of flexibility necessitates getting to know the instrument.
• No desktop and mobile application

9. Fastpath Assure (Quotation Based)

Fastpath Assure is a cloud auditing software that can track the modifications in small and medium business transaction records more accurately and generate user-friendly results.

Likewise, high-risk-prone business sectors can be audited using a single platform that delivers consolidated templates and reporting.

The provisioning process can be streamlined by requesting direct access from validators using this tool instead of going through IT.

Key Features:

• Auditing & risk assessment
• Asset tracking
• Dashboard & alerts
• Remote access
• Task compliance
• Small and medium firm’s workflow management
• Issue management
• Policy & incident management.

Pros:

• Provisioning new users are safe and simple thanks to the Identity Manager module.
• Various audit trails templates
• Rapid implementation ROI
• Export reports in different formats

Cons:

• Should allow automated evaluation of user-role population pairings with specified high-risk data access in Oracle Cloud
• False-positive SOD conflicts should be easy to pick out.
• No desktop or mobile app.

10. Isolocity (Quotation Based)

Isolocity is an advanced cloud-based solution for auditing and performance management. Its technology makes it easier for companies to comply with auditing regulatory requirements.

Designed to reduce audit time by half and daily compliance management time by about a quarter, this software allows firms to cut ISO and GMP certification audit time by approximately 50%.

As a result, using Isolocity helps organizations do more audit work in less time and with fewer resources.

Key Features:

• Auditing
• SOP & SPC data
• CAPA management
• Part of product management for SMEs
• Inspection, training, equipment & supply chain management
• Orders & fulfillment
• Inventory control
• Have a mobile app.

Pros:

• Reports on corrective actions
• Data from SPC and component inspection
• Improvement and validation
• Everything you need to get ISO certified is here.
• To comply with the requirements of AS/ISO, the company provides online access to all the essential documentation.

Cons:

• Not the most cost-effective option
• There were still a lot of things under development
• When signing in to several browsers, be patient and wait for the data to load.
• No desktop app

11. Pentana Audit (Quotation Based)

Pentana Audit is a cloud-based audit application that covers many audit tasks, like financial, operations, IT, SOX regulation, and legal audits.

As part of the Institute of Internal Auditors‘ (IIA) audit maturity model, this software is very beneficial for small and medium organizations.

You can conduct internal audits more quickly and efficiently while enhancing your audit approach and reducing expenses.

Key Features:

• Audit planning, scoping & scheduling
• Audit work paper, evidence, & project management
• Automated internal and external report generation
• Data analytics and business intelligence tools
• Have a desktop app

Pros:

• A repository for information on dangers, testing, goals, and safeguards
• Helps you quickly audit and assess the compliance of your company.
• Ideal for both small and large business document control and internal audit.
• Allow you to customize the program to fit your company’s audit process
• Automatically-generated reports

Cons:

• Difficulty in pinpointing which audit activities are stalled or not progressing.
• Improvements need to be made to the business user response capture on the portal
• No mobile app.

12. TeamMate Audit (Quotation Based)

TeamMate Audit is a cloud-based audit management software for small and medium firms, especially audit departments and their auditors, to simplify every phase of the audit procedures.

The software is ready to offer audit management, resource allocation, risk identification, project scheduling, and assessment reports for all firms with efficiency and consistency.

Key Features:

• It comes with tools related to auditing and other analysis
• The user interface has a convenient design
• The platform has tools to guide users
• Also supports advanced auditing procedures
• Data sources are based on excel data integration

Pros:

• Allows desktop uses
• Fully equipped auditing software with simple guides for small and medium firms
• The internal audit arrangement is at its best
• The user interface is friendly and easy to navigate

Cons:

• Cannot use mobile apps
• The platform has not yet provided the latest auditing tools

13. HighBond (Quotation Based)

A corporate governance software platform HighBond is a cloud-based solution that delivers a more secure and auditable environment for firms. Employees may use a single workflow to manage various operations and collect data for real-time reporting and decision-making.

Other than that, HighBond is an ideal audit management tool that reinforces organizational governance by providing additional functions, including automatic robot processing, business data, comprehensive analytic tools, ESG, and reliable insights regarding the audit, risks, and compliance.

Key Features:

• Management for SOX, enterprise risk, and internal controls
• Monitors auditing, compliance, continuous, and ESG programs
• Provides cyber risk and compliance management
• Advanced analytic functions
• Maintain the confidentiality, integrity, and accessibility of your client’s data
• Minimize laborious databases and increase corporate coherence by easily integrating data.

Pros:

• Users can operate complex data collection via the Hybrid Audit Automation function
• The software can run thousands of data analytics at a time
• Great at monitoring risks
• Desktop and mobile apps are available for use
• Supports many languages.

Cons:

• Provides limited reporting structures.

14. Workiva (Quotation Based)

Workiva merges everything together in one place, such as databases, data sources, and teams; therefore, small and medium firms can improve their work together in the cloud. With this digitalized solution, you can work from whatever and wherever you are.

Furthermore, the platform allows employees to connect by bringing the data and the right staff to tackle complicated and challenging tasks across departments in the firm.

On top of that, it provides data trustworthiness to the firms by connecting the data sources on a single platform with transparency and accuracy.

Key Features:

• Aside from FERC and SEC reports, Workiva also provides automated reporting that is time-saving and efficient
• Features capital market transaction that helps you prepare documentation for market equity activity and offers you greater debt management
• Provides internal controls over data privacy
• Streamlines audit management procedures through automated reporting, templates, and data collection
• Primarily offers for large-scale utility.

Pros:

• The platform is smart enough to deliver everything around audit management while maintaining a convenient user-interface
• Users can learn more about how to use the app on the website
• Users can request a demo for testing
• Users can save a lot of time while maintaining confidence in their data and reporting
• The software allows for further knowledge upgrades towards XBRL taxonomy and SEC reporting.

Cons:

• Quotation-based might disturb the client’s purchasing power
• Mobile and desktop are not available for download yet.

15. MetricStream ($75K – $1 Million Per Deployment)

MetricStream is another cloud-based audit management solution for small and medium firms. It identifies, assesses, quantifies, monitors, and manages corporate, operational, and IT risks.

On top of that, MetricStream is the world’s leader in IRM and GRC software, enabling firms to flourish in the face of risk by speeding growth via threat judgments.

The software is scalable, allowing businesses to connect with BusinessGRC, ESGRC, and CyberGRC.

Key Features:

• It provides inspection analysis, risk calculations, documentation, and so on
• Firms can also identify risk management processes to comply with the auditing standards with the operations
• It features a content-driven function, so users can look for specific and helpful training
• Software is also assessment-driven, allowing users to assign any selected individuals
• It functions to maintain a profile that is updated by doing ongoing external data feeds, threats, and vulnerability risk assessments.
• Features geo-mapping function

Pros:

• Geo Mapping tools enable small and medium firms with complicated organizational frameworks to visualize itself
• It comes in fully collaborated and productive tools
• The platform enables GRC module integrations
• It provides greater views on risk management
• Users can automate Compliance and Risk management on the software.

Cons:

• Both desktop and mobile apps are not available for download yet
• Limited functions on graphs and charts.

Buying Guides To Choose The Best Audit Management Software For Small and Medium Firms

Read our buying guides if you want to find out the most suitable Audit Management software.

That way, you can prevent yourself from making costly mistakes or being forced to choose a system that is inappropriate for business requirements.

Select A Platform For Auditing That Is In Line With A Well-Established And Widely Accepted Auditing Technique

Choosing an auditing method that is well-known and supported by your audit software is critical.

Thus, we strongly suggest that the chosen software should be in line with the IIA Audit Performance Standards because it enables you to conform to the systematic procedure.

Decide On The Best Software For The Business By Taking Time To Learn What’s Most Important

Increasing productivity, lowering costs, and automating repetitive tasks are three of the most important goals for most companies.

We suggest you examine the firm’s goals in order to select an auditing software that offers the advantages to fulfill the requirements.

Pick A Software That Provides Your Company With The Functionalities It Requires

There are a lot of smart and full-option features to choose from. Nonetheless, it is crucial to consider the company’s demands and choose software with suitable functionality.

As previously mentioned, the article has gone through some of the pros and downsides of various options, so it would be time for you to consider the most suitable one.

Identify The Unique Features And Benefits In Which Each System Performs And How Critical These Features Are To Your Work

Although it might be reasonable to hypothesize that there are not many differences between the platforms available, each one has unique characteristics that could either improve the operation smoother or more difficult.

You ought to be aware of the following distinctions.