An audit is a term used for an examination of an entity’s financial statements by an independent third party to objectively evaluate those statements to see if they have been fairly presented and are in accordance with the relevant accounting framework. An audit will improve the credibility of those statements with users such as creditors, investors and lenders.
For companies that wish to standardise their enterprise auditing, the use of audit management software, or auditing apps, can be of major assistance.
There are a number of benefits to business that come with making use of auditing apps.
Making Auditing an Easy Process
The primary benefit of auditing apps is just that they make the entire process of an audit much easier than is otherwise the case. When auditing is made a simple matter, this, in turn, allows a company to be able to put greater focus on more concrete areas of business.
Auditing apps come with intuitive and easy to use user interfaces and that intuitiveness extends to the likes of fetching data and the generation of reports, with the auditing tool able to be implemented even by someone without any kind of technical knowledge.
Any Audit Type Can Be Standardised
Another major benefit of auditing apps is that they enable the standardisation of any kind of audit, although there are a number of different types of audit apps themselves. The best type of auditing apps is one that will include the likes of auditing features, EHS management, quality management, and compliance management and inspection management tools.
These features are all a must for any quality auditing app that can help any audit type to be successfully standardised.
Audits done on paper have always provided a challenge because the data need to be written manually by the auditor, and the process of gathering and maintaining all relevant auditing data inevitably takes a good deal of time, money and effort.
Audits done on paper are also more likely to suffer from human error. Auditing apps are able to improve performance in a number of ways.
An auditing app provides the user with a tool that is able to manage the complete auditing data and the removal of human involvement means that there will be no manual errors and thus the data will be of better quality. An auditing app can also assist with the execution of business decisions driven by actual data, while the auditors will also be happy because using the software will enable them to perform their work with much greater efficiency.
Strengthening Data Security
Audits done on paper inevitably carry the risk that those papers will be accidentally lost or destroyed, which is a serious data security risk. The use of auditing apps is able to strengthen data security because there are no papers and the data is instead stored in the cloud.
The generation of reports with great speed is another massive benefit of auditing apps. The report can be generated the instant all relevant data has been acquired and will be professional and extremely intuitive.
Auditing has long been a process dreaded by most enterprises but using auditing apps can result in a more than 50% reduction in time and costs.