Internal audit software can streamline processes, enhance audit planning, create automated workflows, and provide data-driven results with a simple tool auditors can use on mobile devices. Seamless audit work is possible in a single platform to save time, follow up, and collaborate toward compliance.

An Internal Audit Foundation survey found that 40% of leaders are researching the use of artificial intelligence (AI) while 15% already use AI in internal audits. The adoption of internal audit software isn’t as progressive as you may believe as companies worldwide are already using advanced software.

What Is Internal Audit Management Software?

Internal audit software is used by audit teams and compliance officers to perform walkthrough inspections, conduct data analysis, identify inefficiencies, correct non-compliance in business processes, and create seamless collaboration efficiency in all internal audit projects.

Dependable internal audit software should align audit processes with business objectives, create risk awareness, enable optimal resources or staff utilization, direct policy management strategies, and automate reporting in one platform specifically designed to simplify the entire audit planning process.

Benefits of Internal Audit Software

Some of the benefits of internal audit software include the following:

• Conduct audits with audit checklists in a seamless risk assessment process for valuable insights
• Implement efficient business risk management, compliance processes, and strategic objectives
• Simplify entire audit processes to ensure effective internal audit management and reporting
• Audit teams save time during the audit planning phase and include all auditable entities
• Follow an audit process with digital audit trails for complete visibility to ensure industry compliance
• Implement corrective actions in the audit plan based on real audit issues outlined in assessments

How to Choose the Best Internal Audit Software

Good internal audit software provides software features like automated audit reports, resource planning, the ability to add numerous auditable entities, and access to audit data and audit results in real-time dashboards. Collaboration, scalability, and integration capabilities are a bonus.

However, internal audit software with comprehensive capabilities will include risk assessment and risk management tools to support audit planning and management. It also helps if the software has a mobile-friendly version while companies offering free trials top the charts, but these aren’t requirements.

Top 7 Internal Audit Management Software Apps in 2024

Our best internal audit software solutions meet most of the criteria above, with some meeting all of the criteria for reliable, dependable, and compliance-focused internal audits. Our first choice is the most comprehensive tool for internal audits, but others can work for an audit plan and management process.

1. Velappity

Velappity is the top risk management software with the added bonus of doubling as an internal audit management software platform with a mobile-first approach to take audit projects anywhere, even offline. It’s the ideal choice for enterprise risk management, risk assessment, and audit planning.

Key Features

• Leverage seamless forms for inspections and document requests from an easy-to-use client portal
• Meet industry compliance standards with automated audit reports and data-driven audit results
• Audit teams work anywhere in an internal audit collaboration with mobile-first, offline capabilities
• The audit process relies on a comprehensive risk assessment for improved risk management
• Seamless integration is possible to ensure real-time reporting within an organization’s business
• Follow up on any audit issues, risk, or report easily to implement effective controls and action plans
• Store audited data in a secure cloud network to maintain compliance and improve future audit work
• Allocate resources based on the data to reduce risks and use resources to their best potential

The Velappity pricing options start from $19 or £15 per month per user, with larger packages available for larger companies and enterprises. Our customers love the ease-of-use, variety of security assessment and audit tools, easy access to reports, and the monitoring capabilities of Velappity.

2. Safety Culture

Safety Culture is the second choice because it provides affordable internal audit management with a free trial and mobile-friendly version to ensure internal audits can be done anywhere, by anyone. Improved collaboration during internal audits can improve an organization’s business value.

Key Features

• Safety Culture has automated workflows with visible audit trails to ensure a successful audit plan
• The software can add multiple auditable entities for resource planning and process efficiency
• Reduce risks in an organization with comprehensive capabilities to assess and manage risks

Safety Culture has another affordable pricing plan that starts at $24 per user per month with a generous 30-day trial. However, the systems are limited to 10 users per month. The platform also allows an audit team to go anywhere with a mobile-first approach and offline capabilities.

3. MetricStream

MetricStream internal audit software promises a 56% decrease in audit issues resolution time and a 50% reduction in follow-up costs. MetricStream internal audit management software is impressive with a comprehensive suite that provides various tools to manage audits in one platform.

Key Features

• Audit, manage, and report on all IT systems, operations, business processes, and compliance
• The software has a range of products to suit multiple auditing projects in different industries
• Drive risk-based audits with real-time dashboards to reduce risks and automate reports

Infortunately, MetricStream is a web-based platform without mobile-friendly systems support or versions. Otherwise, it would compete with Velappity. Additionally, the platform has no pricing options. Customers must contact the web-only audit systems solution for a quote.

4. Cyber Sierra

Cyber Sierra is an AI-enabled internal audit management platform that uses artificial intelligence and generative AI to drive controls and action plans after a thorough process guided by checklists. The internal audit software focuses mainly on cybersecurity audits but offers bang for your buck.

Key Features

• The IT-focused software for internal audits has threat intelligence using generative AI
• The platform has training modules for employees to expand audit teams and risk awareness
• The tools include control break checks, risk assessments, and a risk register on the premium plans

Cyber Sierra provides three lines of pricing plans to suit a business of any size with the right tools and nothing more. Sadly, customers must request a quote, but the company does customize pricing plans to the unique needs of your business. The mobile version also has limited control and access.

5. AuditBoard

AuditBoard is another fantastic internal audit software that allows auditors to assess risks, automate reporting, and improve efficiency with better controls based on data. It’s one platform specifically designed to centralize audit management and simplify conformance with global regulatory standards.

Key Features

• AuditBoard is a web-based internal audit software that reduces risks with thorough assessments
• The tools allow audit teams to allocate resources accurately based on experience levels
• Tracking audit problems and action plans are simpler to ensure a streamlined follow up

AuditBoard isn’t transparent about pricing modules as customers must request a quote, which will depend on team size, company type, and number of projects monthly. The platform has systems in place for field work but doesn’t have a mobile version, which could complicate how a team collaborates.

6. NetWrix

Netwrix is another cyber and IT-focused auditing software companies can use for internal audits to ensure IT compliance and data privacy. The internal audit software allows auditors to investigate anomalies, view access permissions, and categorize sensitive data.

Key Features

• Prioritize high-level risks and infrastructure security gaps to provide comprehensive audit reports
• The internal audit software allows teams to centralize audit trails across multiple IT systems
• Triggered alerts and automated notifications allow organizations to respond to risks faster

NetWrix is an impressive web-based internal audit software designed for information technology (IT) and cyber-security. The pricing plans aren’t transparent and require customers to request a quote. However, it does have a generous 20-day free trial for premium plans and a free version.

7. Workiva

Workiva is a brilliant internal audit software platform for auditors, accounting and finance experts, risk and compliance managers, ESG and sustainability leaders, and insurance companies. The platform and systems tools also allow for improved enterprise risk management in the audit process.

Key Features

• Identify risks and trends across multiple data points to efficiently define and send audit reports
• Automate audit procedures with audit checklists, ESG reporting, SEC reporting, and generative AI
• Improve technology and data security in an organization with an efficient risk assessment

Workiva is another web-based auditing software without mobile versions, which limits companies to audit management in an office. Additionally, the Workiva team requires clients to request a quote and doesn’t provide a free trial or version to try the product before buying the cow.

Streamline Internal Audits With Velappity

Velappity is a comprehensive internal audit software with a mobile-friendly platform and client portal that allows auditors to access audit data fast and collaborate with other teams, even when offline. They can customize forms for inspections to conduct a risk assessment to support an audit.

Meanwhile, Velappity provides tools for automated reporting, monitoring, and risk management efficiency within any organization. Implement take corrective actions based on audit data stored safely in the cloud, allowing an organization to maintain compliance and reduce risk.

An organization can also access our health and safety inspection software to reduce risks with data-driven controls. Start a free trial today, or contact us to discuss the efficiency of Velappity for internal audits, reporting, or the allocation of organizational resources based on data.

Internal Audit Software Conclusion

Would you rather have three lines of audit results on a spreadsheet or use checklists, templates, and customizable forms that create comprehensive assessments in an organization? Streamline auditing and the allocation of resources with efficient tracking systems to improve business security.

Manage the action plans and resources with a single platform designed to automate auditing, reporting, and monitoring. You won’t regret going digital with risk assessments. Add business value by going digital. Start a free trial, or contact us today for a demo.

Internal Audit Management Software FAQs

What does audit management software do?

An auditing software platform supports the audit planning and management process by tracking changes, reporting risk, and driving improved security and controls with data. Save time, reduce costs, and get more done with a platform designed to automate many of the auditing procedures.

What auditing software does KPMG use?

KPMG uses an internal audit software designed by their tech team to conduct risk assessments and audits for risk management efficiency. KPMG Clara Smart is a good platform with tracking, reporting, and monitoring tools but costs a lot more than the average startup would care to pay.

What is an example of internal audit management software?

Navigating health and safety compliance in the digital era reveals an example of how auditing software can improve the health and safety standards within an organziation to ensure industry compliance. Businesses add more value when they manage the health and safety of workers and the environment.