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Advancements in technology, growing volume of audit evidence in electronic format, extensive practice of carrying out internal audits driven by data, regulatory mandates, and need to manage large amounts of crucial data are expected to be drivers of the global audit software market. Technological advancements in business processes have led to internal audit functions adapting to technologically driven changes in the business environment. The internal audit function has also been under pressure by stakeholders to efficiently and effectively expand audit coverage. As a result, firms have been upgrading internal audit functions with modern tech-based tools. Additional impetus to adopt modern audit software has come from regulatory requirements and evolving accounting standards. North America, Europe and Asia are projected to be key markets.
Recent years have witnessed increased demand for audit software with professionals and firms feeling the need to quickly perform routine procedures and offer clients value added and deeper insights on financial and regulatory issues. AI audit software have been reported to enable improved risk assessments and development of robust audit plans. Further, modern software have enabled auditors to efficiently analyse increasing volumes of data. Conventional audit and analytical techniques are more time consuming, expensive, and carry greater risk of error. Hence, there has been greater adoption of audit software, which allows more automation in accounting practices. Modern audit software incorporate artificial intelligence (AI), data analytics and machine learning to enable greater automation levels.
AI audit software enable auditors to analyse and interpret large amounts of data in relatively less time, leading to increased productivity and efficiency, and more accurate analysis. Also, AI audit software makes possible more effective fraud detection and risk assessment. In recent times, cloud-based software have gained much popularity in the accounting and finance domains. As cloud applications are hosted in secure, isolated data-centres, accountants may readily access data even from home offices. Indeed, cloud-based solutions are being increasingly adopted for effective project management and client communication. Due to the factors mentioned above, AI and cloud-based audit software are expected to witness increased demand during the forecast period.
Some popular audit management software include AuditBoard, Laika, Fastpath Assure, ZenGRC, Workiva, Pulse, Diligent HighBond, LogicGate Risk Cloud, TeamMate+, EASE, etc.
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