Global Audit Software Market Report and Forecast 2024-2032

Global Audit Software Market Outlook

The global audit software market is expected to grow at a CAGR of 11.3% during the period 2024-2032. 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. North America, Europe and Asia are expected to be key markets.

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Global Market Likely to be Driven by Technological Developments and Automated Workflow Requirements

Audit software help auditors and audit departments manage all facets of the audit process; these software enable identification and evaluation of risk, creation and management of audits, allocation of resources and scheduling of projects, managing issue remediation, capturing T&E, and monitoring and reporting status with dashboards and notifications.

Audit software enable firms to plan for, address and lessen risks that may threaten the safety and quality of services or goods provided. Audit management is crucial to compliance and risk-management stratagems of firms adhering to government rules and industry standards. Audit management software standardize audit management procedures across a firm; these software enable automation of different steps involved in the audit lifecycle, permitting businesses to carry out audits in one comprehensive framework.

Audit software generally encompass the various types of audit, including internal audits, supplier audits, quality audits, etc. The various steps in an audit life cycle include:

Planning and scheduling – This stage involves prioritizing risk areas, generating targeted risk-based plans, planning when the audit would take place, arranging resources, creating and assigning checklists and tasks, etc.

Conducting the audit – The stage involves actually carrying out the audit, applying document controls, and tracking observations and recording findings.

Managing findings – This step entails tracking progress, monitoring trends, analyses, generating audit reports, reviewing recommendations with management and devising risk management implementation plans.

Implementation and review – The step involves implementing action plans, observing and recording findings, monitoring and tracking success of action items and noting inconsistencies that may warrant audits in future.

Capabilities and Advantages Offered by Audit Software Likely to Contribute to Growth of Global Audit Software Market

Capabilities of audit software generally include audit scheduling, task and time tracking, configurable forms and checklists, email notifications, dashboards and reporting. Benefits offered by audit software include decreased risk (through eliminating inconsistencies and standardizing audit management procedures), better security (through safely storing and managing audit documents and implementation plans in a central system), better compliance with government rules and industry standards while keeping a trackable and accurate audit trail. Audit software also enable automatic audit scheduling, safety and quality, mobility in the audit procedure, automated templates for audits and checklists, and integration of audits with EHS and QMS systems. These capabilities and benefits offered by audit software are expected to boost the market.

AI Audit Software Expected to Witness Greater Demand

In recent years, audit software have been increasingly combining machine learning, data analytics, and artificial intelligence (AI) to enhance automation levels on routine tasks. Processes automated by AI audit software may witness significantly less errors and more in-depth analyses. The use of AI audit software may also reduce time consumed in the auditing process and offer greater value. Due to these factors, AI audit software is expected to witness greater demand and contribute to the growth of the global audit software market.

Audit Software Market Segmentation

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By component, the market is segmented into:

• Solution
• Service

By deployment model, the market is divided into:

• On-Premises
• Cloud

By organization size, the market is classified into:

• Large Enterprises
• Small and Medium Enterprises

By vertical, the market is segmented into:

• BFSI
• Energy and Utility
• Manufacturing
• Food and Beverage
• Accounting/CPA Firms
• Non-Profit Organizations
• Others

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Audit Software Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Netwrix Corporation
• MasterControl Inc.
• MetricStream
• Intelex Technologies
• Gensuite
• IQVIA
• AuditDesktop
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report