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Internal auditing software is used by companies to review financial information and track audits. It allows for the electronic collection of information, setting up internal controls, and implementing accounting or audit guidelines. It also creates a digital record for each audit and can be used by external auditors for official auditing purposes.
Internal auditing software is a computer program or application that a business can use to review financial information. Company accountants are typically the primary users of this program, although senior management may also have access. Many internal audit software applications allow users to track audits, gather information needed to conduct field research, review computerized audit trails, implement controls, and review audit policies against national accounting standards. Large organizations will often employ several accountants whose sole responsibility is to oversee the company’s financial information and data.
Companies can conduct internal audits as often as they wish. Corporations may have requirements that involve quarterly internal audits by internal or external auditors. Using internal auditing software allows companies to create a digital record for each audit. Companies can list who can access information, along with who is responsible for completing certain tasks or activities. Internal auditors may also need to upload fieldwork documents or other tested items into the software program for senior management to review the audit documents.
Some internal audit software also allows for the electronic collection of information. When used in conjunction with other company software programs, such as accounting, finance, or general management, auditors can create reports listing financial information for auditors to review. Using an integrated audit software system can save a lot of time, as auditors can spend more time reviewing information rather than collecting the necessary data. During this information gathering process, auditors may also review computerized audit trails. This trail reports all users who have accessed information and made changes to the accounting system, which is a necessary part of the audit process.
When using internal control software, companies can set up internal controls that limit users’ ability to access or change information. Most companies have to separate their accounting duties between different employees. A computerized software system allows account managers and supervisors to limit the number of forms or tasks an individual can complete in the company’s software system. Auditors will often test these computerized controls to ensure that the company has accurately separated accounting functions.
Companies may also be able to implement accounting or audit guidelines in internal audit software. This allows for an immediate comparison of the company’s accounting guidelines with national accounting standards. Keeping an electronic copy of previous internal audits also allows the company to determine whether it is improving or deteriorating in accounting terms or processes. External auditors who need to review this information may also have access to the software for more official auditing purposes.
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