Empower your internal audit team with Audit Management Software

Sword GRC Blog

Empower your internal audit team with Audit Management Software

The ability to work within defined auditing project deadlines? Check. Exceptional organizational skills? Check. A passion for problem-solving? Check. Many skills are demanded of audit professionals today – after all, their roles involve objectively evaluating financials or operational processes against specific criteria to help improve the effectiveness of risk management, control, and governance within an organization.

When internal audits are often considered integral to the third line of defense in an organization’s risk management, such accountability is not without challenge. So, if there’s one thing that’s sure to help streamline audit management, whilst maximizing your audit team’s efficiency, ability to meet compliance requirements and support risk management efforts, it’s audit management software.

Just like risk professionals, internal auditors need to be able to respond rapidly to changes in circumstances and in the requirements of the business. And increasingly, the audit function is expected to help anticipate risk on the horizon.

Audit management software empowers audit personnel, providing the ability to systematically review the right risks, drive strategic insights and thereby demonstrate value to all stakeholders.  

By automating core processes and document management, audit management software underpins streamlined auditing and enables greater collaboration and improved decision-making.

When integrated with risk management, it offers a full risk-based auditing methodology to plan from the risk register and channel audit results back in the risk log.

“We would recommend that any organization that’s considering audit management software takes a look at solutions that integrate work papers, action tracking and reporting. Our solution, for instance, covers strategic and annual planning, and also assurance mapping, which ensures the successful targeting of high-risk areas,” said Jenny Ritson-Smith of Sword GRC. “Additional features to look out for include activity monitoring and tracking which highlight issues and delays and ensure that they are addressed as a priority. Features that help with resource management, such as scheduling and time recording functionality, can be really useful when it comes to planning and utilizing resources as efficiently as possible.

“Customers using Sword Audit Manager particularly appreciate the ability to configure work papers as required,” she continued. “They also have the option to populate control testing papers from libraries of standard tests and policy conformance exercises, all containing hyperlinks or attachments as necessary to collate vital information.”

Benefits of audit management software

Audit management software can help with the following tasks and more:

  • Strategic planning of activities
  • Creating an annual plan of work to support a risk-based audit methodology
  • Tracking – with target, revised and actual milestones
  • Progress points – to highlight overdue activities
  • Annual plan budget and reporting
  • Contingency budgets management
  • Effective resource management

An audit management software user’s perspective

State Department Federal Credit Union, a member-owned, full-service financial institution selected Sword Audit Manager.

“SDFC wanted a consistent overview of all audit documents, with workflows that would streamline processes and the ability to record all changes and approvals,” said Michael Hunter, Managing Director of Internal Audit at SDFCU. 

“Since implementing Sword Audit Manager to manage our audit and compliance documents, we have reaped huge benefits. Anecdotally, I would say we have increased efficiencies by at least 30%.”

Read the full case study here.

Or why not learn more about Sword GRC’s fully automated and integrated solution for the internal audit lifecycle, Sword Audit Manager.