Internal audits are a necessary part of running a successful business. However, which internal audit software you pick can affect how easily, effectively, and consistently your audits are conducted.
When looking for the best internal audit software, the immense number of choices can be overwhelming, but by comparing these top 15 internal audit software available in 2021, along with the pros and cons of each, you can find the software that will work best for your company.
Top 15 Best Internal Audit Software
| Brand | Starting price | Best for |
|---|---|---|
| 1. AuditBoard | $174/year | User-Friendly Platform |
| 2. Onspring | $174.00/month | High Performers |
| 3. MetricStream Audit Management | $12.5/month | Wide Range of Needs |
| 4. Intelex Audit Software | $12.50/month | Record Keeping |
| 5. MasterControl Audit Management | $25,000/the first year | Life Sciences |
| 6. Gensuite | Request quote | Security |
| 7. SmartSolve | $542/one time | High Productivity |
| 8. Hyperproof | $4,800/year | Collaboration |
| 9. LogicManager | $12,000/year | Limited Budget |
| 10. IQS | $83.00/month | Technical Solution |
| 11. TeamMate + Audit | Contact for pricing | Engaged Stakeholders |
| 12. Qualityze EQMS | $20.00/year | Manufacturing |
| 13. monitorQA | $12/month | Mobile Users |
| 14. MeazureUp | $20.00/month | Cloud-Based Solutions |
| 15. Isolocity | $159 – $496/month | Automation |
1. AuditBoard – Best Internal Audit Software for a Large Team
Pricing: Does not provide pricing information.
If you have a large team, such as a Fortune 500 company, AuditBoard is the right internal audit software for you. AuditBoard supports more than 25 percent of Fortune 500 companies, with its user-friendly system and dynamic service offerings.
| Pros | Cons |
| Top-rated on G2 | Not available on-premise |
| Versatile | Limited editing ability |
| 24/7 live rep support | – |
| Easy to use | – |
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2. Onspring – Best Internal Audit Software for High Performers
Pricing: Starting at $174.00/month
If you are looking for a fully customizable internal audit software, Onspring is the right choice for you. Onspring provides you with a user-friendly interface, accurate risk assessment, and an automated process to save you time and money. Onspring is also very highly ranked for its excellent customer service, allowing you to get the most functionality out of this software.
| Pros | Cons |
| Real-time assessments | Not compatible with Office |
| Easy integration with third parties | No free version |
| Highly rated online support | Requires some technical background |
| Works with ISO, SOX, and more | – |
| No fees for the first seven days | – |
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3. MetricStream Audit Management – Best Internal Audit Software for a Wide Range of Needs
Pricing: Does not provide pricing information.
MetricStream Audit Management can be used for any of your companies audits needs including internal audits, as well as, IT, vendor, operational audits. When using this software you will see a decrease in audit review time, issue resolution time, and overall cost.
| Pros | Cons |
| Dynamic audit plans | Longer loading times |
| Intuitive design | Limited functionality |
| AI issue management | Does not work in all browsers |
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4. Intelex Audit Software – Best Internal Audit Software for Record-Keeping
Pricing: Offers free trial and pricing starts at $12.50/month
Intelex Audit Software is right for you if you need to track and store a large amount of data. With Intelex Audit Software you can ensure you are complying with business regulations which also quickly and easily create real-time, detailed reports. There is no easier way to store, manage, and optimize your business data and audit needs across users.
| Pros | Cons |
| Easy to use | Slower support response rate |
| Mobile app | Not industry specific |
| Supported on multiple platforms | – |
| Flexible platform | – |
| Emphasis on workplace safety protocol | – |
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5. MasterControl Audit Management – Best Internal Audit Software for Life Sciences
Pricing: Starting at $25,000/the first year
MasterControl’s audit software is focused on ensuring that your company complies with FDA, ISO, laboratory, and clinical audit requirements. This software provides one central system that tracks and compiles your internal data to save you time and effort when audited. In conjunction with the organization and regulation this software provides, it also guarantees quality and safety so you know your important data is always protected.
| Pros | Cons |
| Industry-specific | High-cost |
| Secure | Not compatible with Google Chrome |
| Excellent record keeping | Requires training |
| Web-based | Longer wait times |
| Draft revisions easily | – |
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6. Gensuite – Best Internal Audit Software for Security
Pricing: Does not provide pricing information.
Gensuite not only ensures your companies safe and secure but also actively minimizes risk factors. With Gensuite you know that you will always meet regulatory requirements, regardless of your industry.
| Pros | Cons |
| Award-winning | May require training |
| Increase data capture | Less customizable |
| Meet regulatory requirements | Higher price |
| Large variety of applications | – |
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7. SmartSolve – Best Internal Audit Software for High Productivity
Pricing: Does not provide pricing information.
SmartSolve is specially designed to lessen wait times and boost productivity by perfecting automated scheduling and streamlining workflow. With the mobile app, you can access your audit records without a network connection and easily share results throughout your organization.
| Pros | Cons |
| Applicable mobile app | Less user-friendly |
| Sharing capabilities | May require training |
| Stores a large amount of information | – |
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8. Hyperproof – Best Internal Audit Software for Collaboration
Pricing: The entry-level price is $4,800/year and offers customizable pricing for larger use-cases.
With Hyperproof you can focus on the more important aspects of your business, and leave the complications of internal audit processes to this trusted software. Hyperproof provides secure data logs, built-in privacy programs, and ensures that your internal audit meets all compliance requirements.
| Pros | Cons |
| Built to integrate other business service applications | Limited customization available |
| Easy to use | – |
| Track information across platforms | – |
| Continually improving features | – |
| Rapid response rate by support team | – |
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9. LogicManager – Best Internal Audit Software for a Limited Budget
Pricing: Starting at $12,000/year.
LogicManager provides an internal audit software that is easily configurable, performs risk assessments, and has a flexible design. LogicManager also provides a large variety of service packs so they can be easily customized to meet your business needs.
| Pros | Cons |
| Award-winning | Longer wait times |
| User-friendly | Data is housed in the US |
| Customizable work-flow | Limited user ability on mobile app |
| Helpful staff | Highly-priced |
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10. IQS – Best Internal Audit Software for a Technical Solution
Pricing: Starting at $83.00/month.
IQS is an easily customizable software solution that allows its users to understand the details of their internal audit reports through interactive templates, charts, and dashboards. IQS has 30+ years of experience so you can be sure this software will work for you.
| Pros | Cons |
| Easy to use | Longer implementation time |
| Intuitive design | – |
| Supported on mobile device | – |
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11. TeamMate + Audit – Best Internal Audit Software for Engaged Stakeholders
Pricing: Does not offer pricing information.
TeamMate+ links audit managers seamlessly with stakeholders so both parties can easily view and edit data flow and patterns. No matter where you are in the world, there are TeamBloud data centers conveniently located so you always have access to your data. This is perfect for the remote work environment of today!
| Pros | Cons |
| On-premise or cloud-based option | Limited capabilities |
| Global organization | Linking can be difficult |
| Easy to use | – |
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12. Qualityze EQMS – Best Internal Audit Software for Manufacturing
Pricing: Free trial and starting price is $20.00 per year
Qualityze EQMS specializes in providing their customers with security applications, high performance, excellent reliability, and is easily scaled to match your companies needs. With Qualityze EQMS you can be sure to meet all compliance and quality requirements with ease.
| Pros | Cons |
| Easy to use | Lack of compatibility with Google Drive |
| Cloud-based | – |
| Consistent updates | – |
| Helpful support team | – |
| Highly rated | – |
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13. monitorQA – Best Internal Audit Software for Mobile Users
Pricing: Offers free trial, starts at $12/month
monitorQA’s mobile-first approach ensures that your employees in the field can always monitor health, safety, and quality standards within one easy-to-use app. With monitorQA you can complete audits from any mobile device at any time, something many similar internal audit software applications do not offer.
| Mobile-first | New company, founded in 2020 |
| Fast and convenient | Limited usability |
| Configurable with IOS | – |
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14. MeazureUp – Best Internal Audit Software for Cloud-Based Solutions
Pricing: Free version available, free trial offered, started at $20.00/month
If your company is in need of a reliable cloud-based solution, look no further than MeazureUp. With MeazureUp’s commitment to across-the-board consistency, you can be sure that your internal audits are up-to-date, easily customizable, and align with your brand procedures
| Pros | Cons |
| Meets legal requirements | May require training |
| Time saver | Can be difficult to modify |
| Easily provide feedback | Limited feature on mobile app |
| Accessible on any device | – |
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15. Isolocity – Best Internal Audit Software for Automation
Pricing: The starter option is $159/month and the premium option is $496/month
With Isolocity you can eliminate unnecessary steps in your internal audit processes, saving you time and money. Isolocity also helps you get ISO certified so you can be sure you are meeting customer demands and stakeholder needs.
| Pros | Cons |
| Time saver | More expensive |
| GMP validated | Longer loading times |
| Free training | Only web-based |
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Frequently Asked Questions
What is the difference between internal and external audits?
Internal audits are concerned with the overall well-being of the company’s risk management while external audits are focused primarily on the financial state and reporting accuracy of companies.
Is it mandatory to have an internal audit conducted?
If you are a publicly-traded company, yes. If you are a privately traded company it is not required to the same extent but it is still widely recommended to ensure ethical approaches to fraud management are being taken.
What is Enterprise Risk Management and how does it relate to internal audits?
Enterprise risk management is a structured approach all companies go through in order to recognize, evaluate and respond to fraud threats. Internal audits must understand enterprise risk management and use that understanding to aid in the analysis of current reporting and fraud risk management tools to ensure that a company is meeting all necessary regulations.
How do internal audits prevent fraud?
The objective of internal audits is to ensure that companies are operating with honesty and integrity by monitoring the interworking of companies, identifying risks of fraud, and conducting fraud investigations. Internal audits work to prevent fraud by ensuring an ethical workspace, identifying fraudulent activity, and analyzing any fraud reported.
What are common mistakes made during internal audits?
- Formatting and/or outlining your report incorrectly
- Creating a report that is hard to read and/or understand
- Filling reports with technical jargon
- A breakdown in communication between clients and audit reports
- Failure to communicate information correctly
- Focusing solely on problems and not providing solutions
How do you effectively prepare for an internal audit?
The first step to prepare for an internal audit is reviewing and analyzing your current practices so that you can preemptively identify your issue areas. If you are using one of the software listed above you can be sure that you are already following all rules and procedures required of your company. If you are not already using an internal audit software, identify which is the best fit for your organization and implement its use as soon as possible.
What is SOX data?
SOX refers to the US law, Sarbanes-Oxley Act of 2002, which is meant to protect stakeholders and investors from corporations executing fraudulent accounting activities by mandating financial reporting, auditor independence, and internal control assessments. How the SOX law applies to you depends on your public or private trading status, and is also slightly different for charities and nonprofit organizations. An important element of the SOX law is whistle-blower protection which protects those reporting fraudulent activities within their own organization.