Audit software is perfect for improving an auditor’s bottom line

One of the many problems which auditors face today is the lack of time they have to spend on many of their client’s files and as their workload increases, their time decreases.  Through the introduction of audit software as a daily tool, an auditor not only increases their level of efficiency, but that increased efficiency lends to an increase in cost savings to the client.Audit software doesn’t simply provide an auditor with a business tool; it needs to improve the efficiency and effectiveness to each and every auditor.  There are many aspects of audit software which require fulfillment in order to be considered cost effective.  Some of these important factors that are required to be fulfilled in any auditing software include: data extraction and analysis, fraud detection and prevention, network security, automated work papers, continuous monitoring and e-commerce abilities.Each of these components of any audit software requires to be fulfilled as the world becomes more technically advanced; but one thing that is common with any auditor is that not one real audit software program is able to incorporate all the tools they require as some use such products as Monarch to extract the audit data and use Access to filter and present the reports to the clients.  For instance, in the insurance industry, some internal auditors use AOL and Easytrieve as tools for their auditing needs.If an auditor works within the fraud detection industry, they are using audit software on a much more extensive basis and fare more proactively; leaving the need for audit software companies to evolve according to the industry it is looking to service.  As would be surmised, there are not many audit software products on the market which specifically meets this industry need and many auditors in this field use ACL, IDEA and DATAS.One area which is not often considered part of the auditing committee or auditing department is network security, as most companies are under the belief that this is an IT departmental issue.  This thought process is changing as audit software such as Cyber-Cop Scanner is making a front and center appearance in many establishments as internal audit departments begin to rethink their department’s need for involvement.It is important to ensure that whatever type of audit software that is used, the importance is that it enables all the features of office productivity. Along with enhanced security features.  More auditors look toward data extraction and analysis tools as primary factors in engaging in auditing software; above all it would be apparent that audit software is only as effective as what can be gained from the human component of the audit software.  The ability for internal audit to be able to effectively audit the auditee’s changing technological advancements is a primary concern for auditors.The right tools are the cornerstone of any audit software package, but in order to truly become a paperless audit environment, the right software tools are essential in order to relieve some of the burden of the auditor’s daily task in representing the audited.