This article is talking about audit management solutions and how the security and risk management leaders can improve productivity and manage the internal auditor’s role by facilitating audit management solutions and automate audit operations. This article identifies recent priorities in auditors’ buying decisions in a mature market.
Most internal audit vendors are headquartered in North America, the United Kingdom and Europe but have global presence through branches, partners and resellers. The list of internal audit vendors includes; Wolters Kluwer, ACL, Magique Galileo Software, Ideagen, Morgan Kai Group, Protiviti, Thomson Reuters, MetricStream, Nasdaq BWise, SAP SE and IBM.
It is important to consider that, internal auditors’ buying decisions differentiate vendor offerings based on nuanced automation and integration needs in few capabilities instead of broad-based capability coverage.
Furthermore, this research point out to three trends in audit management solution market:
- SaaS deployment model: A majority of the vendors provide a SaaS model of deployment with the option of hosting the software in customers or their data centers. In near future, half of the internal audit teams will use the SaaS model of deployment.
- Integration with data analytics software: This part is aligned with our cource and talking about using the audit data analytics capability through the audit management software. Audit teams are importing results from data analytics and reporting software such ACL/IDEA or, business intelligence software (Tableau Software, IBM Cognos, SAS, Qlikview, Spotfire) into audit management solutions.
- Auditor performance management:
Activities related to audit team are managed outside the of the audit management solutions.
Audit leaders can obtain efficiencies in performance tracking and can directly map audit outcomes to auditor performance evaluations if they leverage the audit management platforms to define KPIs and align the performance records within the platform.
Khushbu Pratap | Matthew T. Stamper (2017), Market Guide for Audit Management Solutions, Gartner and Retrieved from: https://www.gartner.com/document/3587263?ref=solrAll&refval=180470716&qid=a0c5f48c2ad3f007747bb9c42884dc62
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