Types of Audit Softwareby Charles Pearson
Audit software helps centralize audit information so businesses can make coordinated decisions with a generalized idea of the company's financial statistics. Auditing software is also usually designed to speed auditing processes so businesses do not have to devote as much time to auditing.
Department to Department Audit Software
Quality issues do not become isolated in one department but instead stretch across several departments. Centralized audit software helps auditors create standards regarding audits, according to Master Control, an audit management software system. Email notifications can be set up so that appropriate personnel and management can be alerted to problems discovered through the audits. Different companies have different needs and each company can have different email notification setups.
Audit software is often designed to automate many aspects of the auditing process so that time and company resources can be saved. Many kinds of auditing software allow auditors to focus on specific areas in the business so that the business can prioritize, according to Audit Software. Some auditing software aids in reducing storage space and increasing organization by merging data that has identical information, according to Audit Software. Auditing software often attempts to summarize data so that this data can be clearly communicated to others.
Auditor software often attempts to find abnormal data to determine if there is any fraud occurring within the company or within a specific department, according to Audit Software. Auditing software often identifies gaps in data so that these gaps can be brought to the attention of the auditor, according to Audit Software.net.
Audit software can often export information to different software programs so that this data can easily be delivered to other members of the company, according to Audit Software. For example, audit software can be converted into a graph that can then be put into a Powerpoint, which can then be used in a presentation. Those who use the software can determine if and when specific data is exported.
Data extraction and analysis software takes data found in certain forms, such as statistics taken from the operation of software, and analyzes and summarizes this data in a way that is understandable to humans, according to the CBS Interactive Business Network. This process is called data mining. This type of auditing software is common in information technology-oriented businesses.
Some auditing programs are designed to assess network security. These programs give network administrators an idea of which security measures are the most effective and also to determine if new security measures need to be implemented or updated, according to the CBS Interactive Business Network.