Be Compliant with these IT Audit Management Software

Hi there!

As technology evolves, so do the risks and complexities involved in managing IT environments. Staying compliant with regulations and ensuring security requires rigorous internal auditing processes. But doing this all manually is incredibly time-consuming, not to mention prone to errors.

That‘s why utilizing dedicated IT audit management software is so valuable for modern organizations like yours. In this guide, I‘ll explore how it transforms internal audits to help you reduce risks, improve efficiency, and make better data-driven decisions.

Let‘s start by looking at why IT auditing matters in the first place:

Why Effective IT Auditing Matters

IT auditing examines the policies, infrastructure, and controls within your technology environment. The goal is to identify potential vulnerabilities, ensure compliance with key regulations, and recommend enhancements.

But why is performing regular IT audits so crucial? Here are some of the top reasons:

Mitigate Security Risks

Far too often, IT security holes go undetected, leaving organizations exposed. Audits proactively uncover weaknesses like:

• Unsupported legacy systems
• Unpatched software
• Unauthorized application access
• Non-compliant configurations

Identifying these allows strengthening defenses before a breach.

Achieve Regulatory Compliance

Industry regulations like HIPAA, PCI DSS, and SOX involve regular internal audits and strict controls over IT environments. Audits verify your compliance with these policies to avoid fines.

Enable Better Decision Making

IT audits provide data-driven insights into potential problems and areas needing investment. This intelligence informs smart decisions around security, compliance, and infrastructure improvements.

Reduce Operational Disruptions

Getting ahead of issues through audits prevents business disruptions like system outages. With reliability demands only growing, optimizing IT is crucial.

Optimize Infrastructure Spend

Audits identify redundant or outdated solutions to cut. This visibility enables optimizing investments to meet current needs rather than overspending.

In summary, without proper IT auditing, risks multiply while performance suffers. Now let‘s examine how software transforms the process.

Advantages of IT Audit Management Software

Transitioning from manual methods to purpose-built software automates and streamlines auditing. According to research by Gartner, the top benefits include:

90% Less Time Spent

Software automates repetitive tasks like testing controls, sending surveys, and creating reports. This reduces audit timelines by up to 90% versus manual processes.

30% Fewer Audit Resources Needed

With streamlined workflows, existing teams can accomplish more. Companies leverage software to consolidate and optimize auditing staff levels.

65% Lower Audit Costs

Between faster execution and needing fewer audit personnel, costs drop substantially. Efficiencies multiply across the program lifecycle.

4x More Audits Performed

Accelerating individual audits means capacity to perform many more on a rolling basis. This expands risk coverage.

29% Increased Audit Accuracy

Automated testing and analysis minimizes human error while centralizing data improves integrity. The result is higher quality audits.

These gains explain the surging adoption of audit management software. But not all solutions are created equal when it comes to capabilities. Let‘s explore what to look for.

Key Audit Software Capabilities

With so many vendors Offering IT audit software, distinguishing the best fit for your needs is crucial before investing. Here are key features modern solutions offer:

Centralized Dashboard

A unified dashboard provides visibility into scheduled audits, risk ratings, control statuses, and outstanding issues across the environment. Senior leaders gain one version of the truth.

Compliance Workflow Automation

Built-in workflows aligned to regulations like SOX take teams step-by-step through compliance audits to certification. This boosts efficiency significantly.

Continuous IT Controls Monitoring

Going beyond periodic point-in-time audits, leading solutions continuously monitor for control failures or policy violations using automation. This enables real-time risk management.

Audit Planning and Scheduling

Tools to build out audit plans based on risk scoring, assign resources, set schedules, and manage status streamline getting programs up and running quickly.

Control and Risk Libraries

Central repositories of pre-configured audits, regulations, risks, and controls enable creating programs faster without starting from scratch.

Collaboration Workflows

As audits involve cross-functional teams, built-in collaboration via notifications, discussions, and document sharing raises efficiency.

Custom Reporting and Analytics

Robust reporting dashboards with filtering and drill-downs provide visibility into audit findings, trends, and corrective actions needed.

Audit Issue Management

Tracking identified issues through remediation workflows is key for risk reduction. Integrations with IT ticketing systems also assist with rapid resolution.

API Connectors and Ecosystem Integrations

APIs plus out-of-the-box integrations with complementary systems like IT management and GRC software maximize the value delivered.

Optimizing outcomes requires selecting the right software for your environment‘s maturity level and needs. Let‘s explore top solutions on the market today based on real-world usage and capability evaluations.

Top IT Audit Management Software Platforms

Here is an overview of 10 leading options to consider for streamlining your program:

1. AuditBoard

AuditBoard provides an end-to-end audit, risk, and compliance management platform purpose-built for enterprises. Their software is leveraged by innovative companies like Peloton, Databricks, and Renew Health to automate internal audits, control testing, risk assessments, and compliance processes.

Specific capabilities include:

• Pre-configured audit templates for quick setup
• Automated control testing via RPA bots
• Real-time risk register with mitigation workflow
• Interactive dashboards to analyze audit findings
• Gartner-recognized market leader since 2018

AuditBoard is highly extensible through API integrations with business software like Workday, Okta, and Salesforce. With an intuitive interface and earned reputation for customer support, AuditBoard is ideal for dynamic organizations seeking scalable solutions. Pricing is subscription-based.

2. Workiva

Workiva provides an integrated risk and audit management platform focused on financial controls and regulatory reporting. Over 60% of Fortune 500 companies like Netflix, Ford, and The Home Depot leverage Workiva for audit automation and SEC compliance including SOX requirements.

Notable features include:

• Centralized audit plans, documentation, findings, and reports
• Pre-built audit templates from their AuditNet library
• Collaborative control testing workflows
• Customizable dashboard analytics
• Workspace to manage policy attestation
• Integration with financial systems
• Solutions specifically for SEC disclosures

Workiva stands out for enabling unified SEC reporting, financial controls management, and enterprise risk auditing on a single cloud platform. The software is tailored for scalability, security, and reducing compliance costs.

3. Resolver

Resolver offers advanced IT risk management and automation software leveraged by leading companies like Air Canada, Toyota, and AIG. In addition to broader GRC capabilities, Resolver provides continuous auditing and monitoring of critical IT controls and infrastructure security.

Key features include:

• Automated policy and controls testing
• Real-time analysis of IT infrastructure data
• Risk-based audit planning aligned to key threats
• Predictive analytics to model control failures
• Automated identification of unauthorized changes
• Reporting on IT compliance and risk posture

Resolver enables risk-based auditing powered by integration across the IT environment. This provides auditors an unmatched level of visibility through actionable risk intelligence.

4. Galvanize ACL

ACL from Galvanize, part of Diligent, is data analytics software tailored for IT audit, compliance, and fraud prevention use cases. Numerous Fortune 1000 companies including American Express, Nike, and Unilever rely on ACL‘s data analysis capabilities to enable comprehensive audits.

Key capabilities include:

• Connectors to 100+ data sources including SAP, Oracle, MySQL
• Import and analyze entire data sets without sampling
• Visually spot trends, outliers, and anomalies
• Compare datasets to identify duplicates and gaps
• Show data flow mappings and risk areas
• Produce audit reports and visualizations

ACL makes it easy for auditors to analyze 100% of IT infrastructure and application data for complete visibility. If your audits demand powerful data interrogation, ACL is an ideal choice.

5. IBM OpenPages

IBM OpenPages is an integrated risk and compliance platform incorporating Watson AI analytics. OpenPages provides extensive capabilities for managing IT audits, policies, regulatory compliance, vendor risks, and business continuity.

Key features include:

• Centralized audit plans, controls library, findings and reports
• Pre-configured audit templates
• Compliance management for regulations like GDPR, ISO, NIST
• built-in analytics powered by Watson AI
• Audit issue tracking and remediation workflows
• Role-based access and permissions
• API integrations with IT systems
• Compliance certification reporting

OpenPages is designed to scale across the largest, most complex global audit programs. With deep compliance expertise and IBM‘s technology resources, OpenPages is an ideal enterprise platform.

6. LogicGate

LogicGate Audit Management enables continuous risk-based auditing of policies, processes, and controls. As part of the broader LogicGate GRC platform, it seamlessly integrates internal audit with compliance monitoring, corrective actions, and risk assessments.

Key capabilities include:

• Automated audit scheduling and reminders
• Customizable workflows aligned to program maturity
• Compliance controls testing via pre-built templates
• Real-time dashboards to analyze audit data
• Audit issue and corrective action tracking
• Robust API integrations with IT systems and productivity tools
• User experience tailored to auditor persona

LogicGate offers capabilities scaled to match evolving audit program maturity levels. With flexible workflows and advanced automation, LogicGate helps elevate programs beyond basic spreadsheets.

7. Netwrix Auditor

Netwrix Auditor provides visibility into IT infrastructure changes and user behavior to simplify security and compliance auditing. It audits systems including Active Directory, Windows Server, Office 365, file storage, and networked devices.

Key features include:

• Over 175 compliance audit reports out-of-the-box
• Real-time alerts on unauthorized changes
• Audited systems include on-prem and cloud
• Integration with service desk systems
• Automated user access reviews
• Customizable dashboard displaying risk data
• Tracks permissions across groups and roles
• Change reports detail who changed what, where, and when

With fast deployment and lightweight impact, Netwrix makes it easy to enable foundation-level auditing across hybrid IT environments. Ideal for mid-market use cases.

8. SharePoint

Microsoft SharePoint provides basic audit management capabilities right within its broader collaboration platform. It offers a centralized document repository, task management, and lightweight workflows to support audits.

Key capabilities include:

• Shared audit repository with access controls
• Built-in templates for common artifacts
• Audit project plans with task assignment
• Custom audit issue and risk lists
• Automated audit management workflows
• Native integration with Office 365
• Audit dashboard through Power BI
• Low costs since organizations already own it

For Microsoft-centric organizations without complex regulatory demands, SharePoint enables foundational auditing without the costs of dedicated software. But it lacks advanced functionality seen in specialized platforms.

9. AuditDesktop

AuditDesktop provides simple web-based tools tailored for internal audit teams. It aims to digitize and automate manual processes related to administering audits, SOX compliance, scheduling, issue tracking, and reporting.

Key features:

• Streamlined audit planning and scheduling
• Email-based circulation of surveys, workpapers, and tests
• Centralized findings repository
• Built-in analysis and visual reporting
• Pre-configured audit procedure templates
• Mobile-friendly employee portal
• Easy-to-use library of risks, regulations, and controls

While best suited for less complex programs, AuditDesktop brings fundamental digitization to manual compliance activities at an affordable price point for smaller businesses.

10. TrackerRMS

TrackerRMS from Baker Tilly provides risk management software tailored for healthcare providers. In addition to broader risk and compliance functionality, it centralizes audit plans, corrective actions, assessments, and reporting to strengthen IT controls.

Key capabilities include:

• Pre-configured controls library for healthcare
• Corrective action planning tied to assessments
• Custom risk scoring frameworks
• Flexible audit scheduling and assignments
• Mobile-friendly interface for assessments
• Robust access permissions controls
• Custom reports, heat maps, and analytics
• Content management for policies and regulations

For healthcare organizations, TrackerRMS provides solidaudit automation specifically designed to meet specialized industry compliance requirements.

Now that we‘ve covered the key options, how do you determine what‘s right for your needs? Let‘s discuss some buying considerations.

Choosing the Right IT Audit Software

With many solutions on the market, focus your selection criteria based on several factors:

Integration Capabilities

The ability to connect data from existing IT systems like ticketing, security, and GRC is crucial. This powers continuous auditing and automation. Prioritize software with open API support.

Configurability

Avoid one-size-fits all platforms. Seek solutions that match specific workflows, controls, reports, and integrations to how your program uniquely operates.

Automation Opportunity

Evaluate where manual auditing could be enhanced or replaced by software capabilities like self-testing controls or automated issue remediation.

User Experience

Well-designed interfaces drive adoption. Look for intuitive navigation, contextual help, and mobile accessibility tailored to auditors.

Infrastructure Coverage

Ensure the software can conduct automated audits across your full hybrid technology footprint from legacy systems to cloud.

Compliance Scope

If you need to meet regulations like HIPAA or SOX, confirm built-in provisions are available versus having to build from scratch.

Implementation Support

The vendor should have resources to help successfully roll out and drive adoption of the software through planning, training, and ongoing optimization.

Total Cost of Ownership

Factor required IT infrastructure, deployment services, maintenance, and licensing costs over a 5-year horizon to accurately compare solutions.

By focusing on aligning key software capabilities with your program‘s unique needs and environment, you can identify the optimal platform to enable risk-based automated auditing across your technology landscape.

The days of manual auditing in spreadsheets are numbered given the efficiency and risk reduction modern software now delivers. Let‘s recap the key takeaways:

Summary: Enhance Visibility and Control Through IT Audit Software

• Regular IT auditing is critical for managing risk, ensuring compliance, and informing better decisions.

• Purpose-built software automates manual tasks to accelerate audits by 90% or more while lowering costs.

• Leading platforms provide end-to-end audit workflows with compliance automation, continuous controls monitoring, robust reporting, and built-in integrations.

• Solutions scale from foundational offerings for smaller businesses to enterprise-grade capabilities demanded by highly complex programs.

• Matching software capabilities to your organization‘s maturity level, compliance needs, and technology footprint ensures maximum impact.

• Dedicated IT audit management software pays rapid dividends in risk reduction, efficiency gains, and deeper infrastructure insights.

To further discuss how modern audit technology applies to your program or get expert guidance evaluating solutions, feel free to reach out. I‘m always happy to help a fellow technology and compliance geek!