How Internal Audit Software Can Speed Up The Auditing Process

Internal audit software can make it so much easier for a company or other organization to analyze their own financial status, and prepare the necessary reports. Auditing is a complex process which is normally carried out by accounting forms which are briefed to do nothing else. Expecting employees of a non-accounting firm to carry out the same process is obviously asking a lot, although a large enough firm which carries out regular audits can obviously afford to employ full time staff who are trained accountants.

Auditing is a procedure which has evolved greatly since the earliest days. Although the very start of auditing was in a government capacity, it soon became part of the business world. As the number of businesses expanded exponentially during the Industrial Revolution, auditing became ever more important. Internal auditing started at around this point, as it became apparent to firms growing ever larger and more complex that they needed to have a clearer idea of where money was being spent. The computer age has brought a new dimension, as auditing software has made the process so much easier.

The type of scandal which has afflicted the outside auditing world is never going to affect internal audits in the same way, as they are not designed to pull the wool over the eyes of investors. It is possible, though, for one department within a large organization to try to deceive another. This could be to secure supplies, divert some of the supplies to where they can be sold for a profit, and then report back that all of the supplies have been used for legitimate company purposes. An internal audit program can help to identify any such activities.

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Even audits carried out by external firms are concentrating more and more on internal procedures, as they know this is the way they can identify the type of serious cover up which could endanger both the audited company, and the future of the accountants themselves. Having good internal accounting procedures will mean that external audits will be quicker and easier, and also that audit programs will be easier to use. Once a program has been given the basic details of your auditing procedure, the framework will be in place for future audits.

The greatest advantage of internal audit software is that it greatly speeds up the auditing process. Firstly, the framework can be saved and used many times, allowing the auditors to move straight on to the actual details of the audit. Then, there is the consideration that every financial calculation can be performed far more quickly than was once the case. Not only that, the data can be examined and checked for accuracy far more easily. The resulting conclusions can then be shared with relevant employees using the same internal audit software.

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