Best auditing software: review of 15 tools with features, pros, and cons

Internal audits ensure that companies handle their financial statements correctly and comply with existing regulations.

As many internal auditors still use cumbersome spreadsheets and offline apps, companies seek ways to make audits more accurate, detailed, automated, and cost-efficient. It is where audit management software comes into play.

In the article to follow, we will present you with the top 15 auditing software solutions, their types, features, use cases, pros and cons, and pricing information.

What is audit management software?

Audit management software solution is an end-to-end computer application featuring tools for simplifying internal and external audits. It’s a platform where auditors can conduct data analysis, inspect financial records, generate auditing reports, and deliver valuable insights to managers.

The top 15 internal audit software solutions are:

1. AuditBoard
2. Intelex
3. Tipalti
4. SAP Audit Management
5. TeamMate+ Audit
6. Qualio
7. Safety Culture
8. ZenGRC
9. Pronto
10. MindBridge
11. Netwrix Auditor
12. Asset Panda
13. Raken
14. Benchmark Risk+Compliance
15. Jolt

However, before we discuss them in more detail, let’s review the reasons for using internal audit software and its key features to consider.

Why do we need an audit management system?

An internal audit software solution improves day-to-day operations in several ways.

Saves administrative time

Auditing tasks take an unimaginable amount of research, investigation, and analytics, resulting in auditors working up to 80 hours per week.

However, audit automation tools eliminate repetitive tasks and communication silos. Thus, Anthony Mandica, Vice President & Head of Internal Audit at ProSight Specialty Insurance, claims his teams save up to 600 administrative hours using AuditBoard.

Improves team coordination

An audit management solution can replace dozens of tools, like emails, cloud file repositories, calendars, and task management apps, while making it easier to coordinate departments. 

Wendy Nicholas, Senior Project Manager for Aon, said his team forested a “one team” mindset for 75 auditors across different locations using TeamMate + Audit.

Unifies audit process

An audit management platform provides a standardized audit framework and allows teams to establish a unified and efficient methodology across all projects.

For instance, NRS Healthcare managed to increase conducted inspections by 50% and achieve a 100% audit score after switching to the Safety Culture framework.

Protects against substantial financial risks

Failed coordination and burning deadlines can cost millions, much like what happened to Ernst & Young, which paid $11.8 million to settle charges for failed audits in 2016.

Audit management software lets auditors dedicate more time to analytics and advisory matters and oversee more security threats than ever before.

Important features of software for auditors

An audit management platform will do the job for your organization if it offers the following key features:

• Corrective and preventive actions (CAPA)
• Built-in workflows
• Synced document storage
• Audit checklists
• Reporting tools
• App integrations

Corrective and preventive actions (CAPA)

The best audit software should provide corrective and preventive action features. They allow companies to implement auditors’ suggestions regarding safety and prevent non-compliance. Corrective and preventive actions requests ensure employees follow safety standards and improve audit results.

Built-in workflows

The right audit management software wraps planning, fieldwork, reporting, and follow-up reviewing into convenient workflows.

AuditBoard, Intelex, TeamMate+ Audit, and other apps provide task cards, audit scheduling, audit templates, and other planning tools.

They help auditing teams assign tasks, stay connected, and conduct audits smoothly from start to finish.

Synced document storage

Audit management apps feature centralized file repositories to pull audit information from company content systems.

Central document storage allows auditors to streamline data collection, analyze financial statements, and reference documents while making inquiries, and prepare reports in one place.

Audit checklists

Actionable digital checklists help auditing teams collaborate with organization departments and have better control over auditing projects.

Auditing software like Intelex allows you to create and configure customizable checklists with questions, answers, attachments, comments, version control, and action plans.

Reporting tools

Report templates allow auditors to focus on findings rather than spend time on structure and design.

Many auditing apps also let auditors generate reports in a few clicks instead of manually assembling data from multiple sources and systems.

The auditing management systems turn audit trail data, numbers, and action logs into interactive visual reports, ensuring overall accountability and compliance.

App integrations

The best audit management software connects powerful auditing features with daily technologies businesses use.

Many auditing solutions like AuditBoard also feature Microsoft Office and G-suite document editors cutting out unsynchronized paperwork and tedious document uploads.

Features of the 15 best audit software providers

Check the complete overview of features the 15 best audit software providers described in this blog provide.

1. AuditBoard

Number one on our list is AuditBoard, also known as one of the most comprehensive audit software solutions. This audit management system comes with all of the standard auditing features, including audit processes, audit reports, a quality management system, and audit documentation.

Additionally, AuditBoard adds functions like risk assessment, regulatory compliance management, and ESG to maximize business resilience. However, there is no free trial — you can only book a demo.

AuditBoard is rated 4.7 out of 5 on G2.

Pros:

• Cross-module functionality making it easy to connect audits
• Knowledgeable customer support
• Regular product updates based on user feedback

Cons:

• Frequent system time-outs
• Difficulties while switching between report layouts since removing or adding fields impacts archived audits

2. Intelex

Intelex is a platform that provides an easy way for businesses to achieve compliance and proactively manage risk. This audit management software assists businesses in health and safety, quality assurance, ESG and sustainability, and risk assessment.

Intelex audit processes keep track of documents, policies, actions, and other data. You can start a free trial to check it out.

Intelex is rated 4 out of 5 on G2.

Pros:

• At-glance dashboard for admins to manage previous, current, and future audits
• Corrective actions feature and employee training for productive risk and safety assessments
• User-friendly reporting and document management features

Cons:

• Counterintuitive navigation for general users
• Missing offline form editor

3. Tipalti

If you’re looking for reliable technical auditing software, Tipalti might do the trick. With its intuitive interface, Tipalti simplifies internal audits and streamlines accounts payable (AP) operations. 

This internal audit software has a wide range of features, including internal controls, audit reports, payment API, audit checklists, and secure cloud storage.

The platform facilitates a multi-level review of invoices and offers business rules to optimize cash flow. It also supports 1099 filing and provides complete transparency to vendor tax filings. 

This internal audit software doesn’t offer a free trial, but you can book a demo. 

Tipalti is rated 4.4 out of 5 on G2.

Pros:

• Intuitive approval process scalable across multiple departments
• Automatic integrations with third-party platforms
• In-built payment processor supporting bulk payments

Cons:

• Occasional synchronization failures 
• Time-consuming user onboarding

4. SAP Audit Management

SAP is internal audit management software for businesses of all types and sizes. The platform offers both cloud and on-premise deployment, with each allowing you to automate internal auditing processes. 

You can use SAP Internal Audit Management software for enterprise resource planning, internal audits, supply chain management, risk assessment, financial management, and a CRM and customer experience.

This internal audit software also allows users to track changes made within an audit scope over time, making it easier to ensure compliance and minimize risk exposure. Just like most other tools for internal auditing, SAP Audit Management avoids a free trial and invites users to book a demo.

SAP Internal Audit Management is not listed on G2, but it is rated 9.3 out of 10 on TrustRadius.

Pros:

• Convenient drag-and-drop tools
• Integrations with other SAP products
• On-premise and cloud deployment

Cons:

• Expensive audit options suitable for large organizations
• Complicated interface

5. TeamMate+ Audit

With TeamMate+ Audit, you can save time by automating workflows. Not only does it help run an internal audit, but it also assists you with risk-focused planning, stakeholder engagement, infrastructure compatibility, supplier audits, and asset tracking.

TeamMate+ Audit offers customizable templates, graph visualizations, and the ability to drill down into full details for an even deeper understanding of internal auditing.

You can’t get a free trial, but you can schedule a demo.

TeamMate+ Audit scores 3.9 out of 5 on G2.

Pros:

• Microsoft Office and PDF integrations
• Customizable folder structure
• Segregation of duties through built-in workflows

Cons:

• Missing learning materials for new users
• No opportunity to create custom reports

6. Qualio

Qualio is another quality management platform that enables companies to build a scalable audit planning system and oversee regulatory compliance, design control, internal auditing, risk assessment, and supplier management.

Qualio is an internal audit software that mainly focuses on the healthcare industry, but you can also use it in biotech, pharmaceuticals, and many other areas. 

You can take a product tour instead of the free trial.

Qualio scores 4.5 out of 5 on G2.

Pros:

• Platform flexibility across many industries, including pharmaceutics
• Built-in document editor
• Electronic signature support

Cons:

• Missing document categorization
• Poorly implemented search function

7. Safety Culture

Safety Culture internal audit software helps businesses review and assess their safety practices.

With automated reports and analyses, this mobile-first platform helps you with compliance management, capturing consistent data, strengthening your audit process, and identifying areas of improvement.

You can take a free trial to check how this audit management software works. 

Safety Culture scores 4.4 out of 5 on G2.

Pros:

• The Logic-Flow feature with adaptable question templates for fieldwork and subsequent reporting
• Numerous inspection templates
• Round-the-clock technical support

Cons:

• Synchronization issues when using the offline mode
• Occasional app performance issues as the database grow

8. ZenGRC

ZenGRC is an all-encompassing internal compliance platform for enterprise-level organizations. 

ZenGRC supports businesses in retail, technology, healthcare, hospitality, and many other fields. Its main features include compliance management, risk intellect, audit planning, and efficient governance.

There is no free trial, but you can get a demo.

ZenGRC is rated 4.4 out of 5 on G2.

Pros:

• Plentiful audit templates to work within different frameworks
• End-to-end audit tracking, bulk options, and filters
• Careful development team incorporating customer suggestions in product updates

Cons:

• Lack of upgrade automation with on-premise deployment
• Competitors have more advanced functionalities

9. Pronto

Pronto monitors an entire ecosystem of business partnerships to pinpoint and automate repetitive tasks. 

As a powerful audit management software, Pronto helps clients with partner onboarding, partner activities automating, and optimizing and measuring revenue.

The best thing is that Pronto enables every stakeholder to work within the same dashboard. You can request a demo to check how this audit software works. 

Pronto has a score of 4.3 on G2.

Pros:

• Excellent performance in the offline, online, or hybrid mode
• Robust document editor supporting Microsoft Office, PDF, HTML, CSV, and other files
• Proactive technical support team

Cons:

• Overcomplicated data management workflows requiring a full-time dedicated employee to modify forms
• Frequent updates and push notifications interfering with user experience

10. MindBridge

The MindBridge cloud-based audit solution assists companies with compliance management and financial reporting, while offering AI-powered features to eliminate reporting bias and reduce errors.

You can expect MindBridge to improve data accuracy, quantify risk assessments, detect business anomalies, and maximize trust in your financial reporting.

There is no free trial, but you can book a demo.

MindBridge scores 4.6 out of 5 on G2.

Pros:

• Helpful dashboards with drill-down capabilities
• AI implementation for more detailed and complex internal audits
• Extensive training options

Cons:

• Inflexible interface requiring workarounds for in-app searches
• Significant learning curve

11. Netwrix Auditor

This platform enables users to solidify internal controls in the IT sector, which drastically improves audit efficiency. Netwrix Auditor offers risk management, proactive threat identification, data access governance, and ransomware protection.

You can use Netwrix Auditor to eliminate human errors, make accurate audit findings, and create new compliance solutions. 

Netwrix Auditor scores 4.4 out of 5 on G2.

Pros:

• Helpful scheduled action log reports
• Easy setup 
• Clean and digestible visual statistics

Cons:

• Poor optimization on Linux, Mac, and iOS devices, with technical issues and unsupported functionalities
  
• Occasional errors in auto-generated audit trail

12. Asset Panda

Asset Panda is a platform for internal controls that can help you keep track of all assets around the clock. 

This audit software works across many verticals, including construction, government, and education. It helps with fixed asset tracking, document control, maintenance tracking, and internal auditing.

You can get a demo for this tool, but not a free trial. 

Asset Panda scores 4.1 out of 5 on G2.

Pros:

• Daily asset logs with automated reminders going to assigned staff members
• Comprehensive activity tracking with time and user stamps
• Convenient user management due to Active Directory

Cons:

• Poorly implemented integrations, such as Zendesk
• Missing HIPAA compliance

13. Raken

Raken is a highly specific audit software that serves companies in the construction industry.

Raken provides users with several quality features, which include quality standards tracking, customizable construction checklists, ISO compliance requirements, structured documentation, and advanced reporting.

Raken also simplifies collaboration among team members, making it easier for large units to complete projects on time. 

Raken scores 4.6 out of 5 on G2.

Pros:

• Facility safety checklists for more detailed working condition assessments
• Easy-to-use workload planner with roll-over capabilities
• Accounting software integrations extending Raken capabilities 

Cons:

• Frequent interface updates make it difficult to get used to new layouts
• Lack of report customization

14. Benchmark Risk+Compliance

Benchmark Risk+Compliance is audit software with a strong focus on risk management. 

The tool works wonders for small businesses and large corporations struggling with ESG requirements. With Benchmark Risk+Compliance, you can expect to fulfill compliance demands, strengthen ESG reporting, improve safety management, and minimize supply chain risks.

Benchmark Risk+Compliance comes with a sustainability suite that adds more transparency to your database. 

Benchmark Risk+Compliance has a score of 4.2 on G2.

Pros:

• Customizable quality surveys
• Stable performance on desktop and mobile devices
• Compliance calendars ensure employees complete safety inspections on time

Cons:

• Some customers reporting data inaccuracies
• Overcomplicated interface 

15. Jolt

Jolt lets you conduct internal audits through automation and consistent data tracking. 

Although primarily designed for the hospitality industry, Jolt is also suitable for other types of businesses as well. The system includes audit templates and checklists, customizable reporting options, employee scheduling, and compliance and risk management.

Jolt scores 4.3 out of 5 on G2.

Pros:

• Minimal learning curve
• Convenient approval workflows
• Food industry-specific monitoring capabilities

Cons:

• The inability to add multiple attachments
• Checklists lack customization options

Types of audit software

One cannot strictly categorize audit software solutions as each of them encompasses many applications. Still, audit management systems vary slightly depending on:

• Industry.
  Some audit software apps specialize in specific industries. For instance, Raken applies to the construction industry, while Intelex centers mainly on Environment, Health, Safety, and Quality system (EHSQ).
• Use case.
  Versatile platforms, like AuditBoard, suit IT, compliance, operational, risk management, and other audits. On the contrary, Asset Panda and ZenGRC are specialized apps providing asset and GRC audits, respectively.

What is the cost of audit management software?

Available pricing data on seven out of 15 auditing software apps range between $9.50-$37 per user per month or a $149-$6,000 flat fee. Most audit management software solutions charge custom quotes based on your company’s needs and requirements, including:

• Users.
  Most audit software providers charge per user per month.
  
• Assets.
  Some audit apps, like Asset Panda, offer unlimited users while charging per asset, starting at 250 assets.
  
• Features.
  Many audit app providers calculate custom quotes based on required features and use duration (monthly and annual contracts).

You can check the pricing details of 15 auditing software providers in the table below.

The bottom line

Audit software is a critical tool for businesses of all sizes. By streamlining the audit process, companies can cut costs while maintaining compliance with industry regulations. 

In this article, we’ve highlighted some of the best auditing software on the market today. Which one would you like to test first?