The strict government regulations for compliance and the need for effective risk management is driving the global audit management software market.
The strict government regulations for compliance and the need for effective risk management is driving the global audit management software market. Audit management software designed for organizations to manage all audit related activities and to ensure that all the process is in a single comprehensive framework. The audit management software designed in such a manner that it supports all the types of audit i.e. operational audit, internal audit, IT audit, supplier audit, external audit and quality audit. Audit management software also supports the audit lifecycle i.e. audit planning, scheduling, development of standard protocols, checklist, report development, review, recommendations, and the implementation of audit recommendations. Vendors are adding advanced features to the audit management software such as time tracking, built-in remediation workflow, email notification, offline audit functions, risk assessment methodology and others.
Audit management software reduces the risk of non-compliance for companies regulated by FDA or quality standards such as ISO 9000/14000. Vendors are providing audit management software to meet the compliance requirement such as 21 CRF 211 (for pharmaceutical companies), quality system regulation 21 CFR 820 (for medical device firm), 21 CFR 606 (for blood establishments). Some of the features of the audit management software are automated planning, electronic scheduling, conflict detection, filtering and grouping, offline checklist, audit workspace, compliance management, report templates, and others. The major advantages of using audit management software are it simplifies auditor’s job, reduces the effort and time period of an audit, immediate access and import of data, consolidation of data, and to easily implement and validate data.
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Few of the key players of audit management software are Xactium, ACL Services Ltd., MasterControl Inc., Wolters Kluwer, IBM Corporation, Thomson Reuters, SAP SE, Protiviti Inc., Chase Cooper Limited, Workiva and others.