Internal Audit Software

Riskonnect’s Internal Audit software helps you systematically evaluate the effectiveness of your risk management and governance practices.

Manage the end-to-end audit process from one place. Track every step of the audit process on a secure, expandable platform.

Quickly find – and fix – weak links. Address gaps in controls and compliance as they arise.

Give leadership data-backed assurance. Provide the C-suite with concrete proof that your brand, your reputation, and your finances are protected.

Internal Audit Software on laptop screen

Internal Audit

Software Highlights

  • Audit Controls
    Management & Monitoring
    Design controls relevant to your organization and monitor the effectiveness of audits performed.
  • Audit
    Findings
    Manage and address remediation of audit findings derived from testing.
  • Continuous Controls
    Testing
    Automate the testing process with use of RPA and machine learning.
  • Dashboards
    Communicate audit status quickly and effectively through storyboard-driven dashboards.
  • Document
    Management
    Electronically house all relevant files and documents in one place for easy search and retrieval.
  • Risk
    Assessment
    Use out-of-the-box risk assessments to determine the scope and breadth of every audit.
  • Risk Analytics
    and Insights
    Easily customize your reporting and dashboards to tell your story and inform decisions.
  • Workpaper
    Management
    Electronically house all relevant files and audit evidence for easy search and retrieval.

We need to see many different aspects of risk, from minute detail to board-level insight. It can be a minefield. The solution provided by Riskonnect has enabled our framework to make that happen.”

Dan Maclennan, Group Risk Director, BT

Eliminate Inconsistent

Standards and Controls

How confident are you than controls and assurances are uniformly applied? Riskonnect’s Internal Audit software uses consistent methodology to identify, assess, and address risks of all types, including financial, operational, IT, compliance, and more.

  • Seamlessly integrate data from multiple sources.
  • Automate workflows to accelerate the audit process and improve auditor productivity.
  • Eliminate duplicate data entry.
  • Create and send engagement letters.
  • Customise standards, assessments, and scoring methodologies according to regulatory requirements or your own best practices.
internal audit software demo screen
internal audit software connections demo screen

Always Know Where
You Stand

Are your standards, policies, and requirements there for show or are they ingrained in your culture? Riskonnect’s Internal Audit software documents the full trail of audit activity, so you know you are actually doing what you say you’re doing.

  • See the current status at every step of the audit process – including remedial actions.
  • Customise dashboards to put the right details at your fingertips.
  • See the connections between risks, controls, assessments, accountability, documentation, and other relevant factors.
  • Automatically assign tasks and email reminders.
  • Identify emerging risks.

Become a Trusted Advisor

Do you want to stay in the back office or emerge as the go-to resource for leadership? Riskonnect’s Internal Audit software helps you align audits with organisational goals and strategic imperatives – and provide timely, reliable insights that leaders need.

  • Provide secure access to all approved stakeholders from anywhere at any time.
  • Improve transparency and collaboration.
  • Use risk impact to prioritise actions.
  • Gain visibility into vulnerabilities and opportunities.
  • Easily build reports and presentations.
align audits with goals and impact demo screen

Get Started with These Helpful Resources

internal audit professionals working in office
EBOOK
Transforming Compliance
from Check-the-Box to Champion
This guide will show you how to stay on top of endless regulatory change – and champion the organisation’s future.
Risk management software buying guide
EBOOK
The Complete Guide to
Buying Risk Management Software
This guide demystifies the buying process with step-by-step navigation through the entire journey.
Internal audit software RFP template
RFP TEMPLATE
Starting an RFP process for
internal audit software?
Download Riskonnect’s list of the most critical internal audit software-related questions and customise it to suit your needs.

Customers with Enhanced

Internal Audit Programmes Also Use

Internal Controls
Automatically test your controls, provide operational transparency, and demonstrate regulatory compliance.
Compliance
Aggregate all corporate and legal policies, procedures, and requirements from across the organisation into one centralised location.
Enterprise
Risk Management
Combine insurable and noninsurable risks so you can anticipate, assess, mitigate, and monitor every threat from every corner of the organisation.

Start anywhere. Expand everywhere.

Industry Recognition for Riskonnect

Redhand Advisors Forrester Wheelhouse Advisor

Start partnering with Riskonnect today.
Find out how Riskonnect can transform the way you view risk.

Quick Answers to Your Internal Audit Software Questions

Internal audit software is a platform for systematically evaluating the effectiveness of governance and risk management practices. The software centralizes standards, policies, and requirements into one place and documents the full trail of audit activity. It improves decision-making by providing leaders with timely, reliable data-backed insights. Audit software can also help you identify and address gaps in controls and compliance.

Audit software offers a variety of applications – like audit controls management, audit findings, continuous controls testing, and document management – to help you maintain consistent standard and assessments and stay aligned with organisational goals.

The answer to this question depends on the number and complexity of your policies, controls and assurances. Companies with a limited number of risks and controls might find spreadsheets a perfectly adequate tool. As the number of controls, assessments, and compliance requirements grows, however, so does the amount of data and reporting needed to effectively manage governance.

You will likely benefit from audit technology if your controls, assessments, or policies are inconsistently applied or stored in many locations. Internal audit software helps you eliminate disparities, manage the complete audit process from one place, and document every step.

Riskonnect’s flexible model allows you to start anywhere and go everywhere. You can build a solution that fits your needs today – and easily add and upgrade as your business grows and changes.

Riskonnect is designed to seamlessly connect data from multiple sources inside and outside your organisation. We also offer APIs (application programming interface) to easily import and export data and out-of-the-box integrations with specialised partners to help you get the most from your data as efficiently as possible.

Pricing depends on the size and complexity of the project and how much customisation you require. We offer three industry-leading implementation options at different price points to fit your budget, while achieving your business objectives as quickly as possible.

The audit universe is the complete inventory of auditable entities within an organisation — business units, processes, systems, locations, regulatory requirements, and controls that are potentially within scope for internal audit. Defining and maintaining the audit universe is the foundation of risk-based audit planning: you can’t systematically ensure audit coverage of your highest-risk areas if you don’t have a comprehensive, current view of everything that could be audited. Internal audit software supports audit universe management by providing a structured repository of auditable entities, linking each to relevant risk assessments and compliance obligations, and tracking when each entity was last audited and what was found. This gives the chief audit executive and audit committee a defensible basis for annual audit planning decisions rather than relying on institutional memory or ad hoc judgment.

Risk-based audit planning is the practice of determining the scope, frequency, and depth of audits based on a systematic assessment of which areas pose the greatest risk to the organisation — rather than following a fixed rotation that treats all auditable entities as equally important. It ensures that audit resources are concentrated where they’re most needed and that the audit plan reflects the organisation’s current risk profile rather than last year’s priorities. Internal audit software supports risk-based planning by integrating risk assessment data directly into the planning process: auditors can see which areas have the highest inherent risk, weakest controls, or longest time since last audit, and weight those factors explicitly in deciding where to focus. When internal audit and enterprise risk management share a platform, the audit plan can be aligned directly with the organisation’s ERM risk register — ensuring that the highest-priority enterprise risks are receiving appropriate audit coverage.

Workpapers are the documentation that supports audit findings and conclusions — the evidence collected during fieldwork, the analytical procedures applied, the exceptions noted, the tests performed, and the reviewer sign-offs that demonstrate the audit was conducted professionally and in accordance with standards. Managing workpapers effectively is both a quality assurance requirement and a regulatory expectation: the IIA (Institute of Internal Auditors) standards require that workpapers be sufficient to support audit conclusions and be retained for an appropriate period. Internal audit software provides electronic workpaper management that centralizes all audit evidence and documentation in one secure, searchable location, links workpapers directly to the relevant audit findings and controls tested, maintains version history and reviewer approvals, and makes the full audit file retrievable quickly when needed for quality reviews, regulatory examinations, or external audit reliance.

Continuous controls testing is the practice of using automation to test the effectiveness of controls on an ongoing basis — rather than only during scheduled audit engagements. Traditional internal audit testing is periodic: an auditor selects a sample of transactions, manually tests each against the relevant control criteria, and draws conclusions based on that sample. Continuous testing uses robotic process automation (RPA) and machine learning to test larger — sometimes complete — populations of transactions automatically and flag exceptions for human review. This shifts the internal audit function from periodic sampling to near-real-time monitoring of control effectiveness, dramatically increasing coverage and reducing the risk that a control failure goes undetected between audit cycles. Riskonnect’s Internal Audit software includes continuous controls testing capability powered by RPA and machine learning, allowing audit teams to move beyond manual sampling toward automated, high-coverage assurance.

An audit finding is a documented observation from an audit that identifies a gap, weakness, or deficiency in controls, processes, or compliance — along with a recommendation for how it should be addressed. Managing audit findings effectively is one of the most operationally challenging aspects of running an internal audit function: findings need to be communicated to process owners, remediation actions need to be assigned and tracked, management responses need to be documented, and the effectiveness of remediation needs to be verified through follow-up testing. Internal audit software manages this lifecycle by routing findings to the appropriate owners automatically, tracking the status of each remediation action with due dates and escalation rules, maintaining a documented record of management responses and action commitments, and enabling follow-up testing to verify that identified gaps have actually been closed. Riskonnect’s platform ensures that findings don’t get lost between the audit report and verified remediation.

These two capabilities are closely related but serve distinct functions. Internal audit software manages the process of planning, executing, documenting, and reporting on audit engagements — the work that the internal audit function does to evaluate whether controls and governance processes are working as intended. Internal controls management software manages the controls themselves: designing them, documenting them, assigning ownership, testing their effectiveness on an ongoing basis, and demonstrating to regulators and external auditors that controls are operating as designed. In practice, the two are deeply interdependent: audit findings often identify control gaps that need to be addressed in the controls management system, and controls testing results feed into audit planning decisions. When both run on the same platform — as they do in Riskonnect — the evidence flow between them is automatic rather than requiring manual reconciliation. The Internal Controls Management page covers that side of the capability in detail.

Internal audit’s value to the organisation is most clearly realised when it’s integrated with the broader GRC picture rather than operating as a standalone function. Audit findings that reveal compliance gaps should feed directly into the compliance program’s remediation tracking. The ERM risk register should inform audit planning so that the highest-priority enterprise risks receive appropriate audit coverage. Control testing results should update the internal controls management system. When these functions share a platform, the internal audit function can demonstrate its contribution to the organisation’s overall risk and compliance posture rather than producing reports that sit in a separate system disconnected from how the business manages risk. Riskonnect’s integrated platform connects compliance, enterprise risk management, internal controls, and internal audit so that each function benefits from the data the others produce.

The Institute of Internal Auditors’ Three Lines Model is the widely adopted framework for organising governance, risk management, and assurance responsibilities within an organisation. The first line comprises operational management — the people who own and manage risks and controls as part of running the business. The second line comprises risk management and compliance functions — the oversight roles that set standards, monitor adherence, and provide guidance to the first line. The third line is internal audit — the independent assurance function that evaluates the effectiveness of both first- and second-line activities and provides objective assurance to the board and executive leadership. Internal audit software supports the Three Lines Model by providing the audit function with a clear view of first-line risk and control data from the ERM and internal controls systems, enabling second-line compliance data to inform audit scope, and generating the independent, evidence-based reporting that gives the board the assurance it needs. Without platform integration, the third line must gather information manually from the first two — which is both inefficient and a source of gaps.

Evaluating internal audit software should start with your current pain points: Is it inconsistent workpaper documentation and quality, lack of visibility into finding remediation status, inability to do risk-based planning efficiently, or disconnection from the organisation’s risk and compliance data? Key evaluation criteria include: workpaper management quality and IIA standards alignment; audit findings and remediation workflow capability; risk assessment integration for risk-based planning; continuous controls testing capability; reporting and dashboard quality for audit committee and executive audiences; and integration with compliance, ERM, and internal controls management programmes. The quality of the integration story — how well internal audit data connects to the organisation’s broader risk and compliance picture — is particularly important for organisations that want the audit function to operate as a strategic partner rather than a backward-looking compliance exercise. Riskonnect’s Internal Audit RFP template provides a comprehensive evaluation framework for comparing leading platforms.