Pros and Cons of Utilizing Audit Process Project Management Software in the Internal Audit Functions of Universal Banks

Abstract

This paper explored the integration of automated solutions, such as Audit Process/Project Management Software, as a cornerstone of global innovation and digital upskilling to modernize internal audit operations. It delves into how these automated solutions can enhance internal audit efficiency and elevate its organizational value on a large scale. Also, the disadvantages of using this system were studied. Respondents strongly affirm the significance of automated workflows, real-time audit dashboards, centralized audit libraries, defined audit universes, and tracking engagement resources, costs, and timesheets in automated audit project management. Furthermore, the benefits of technology, specifically an Audit Management System, are explored in depth. The respondents express strong agreement on advantages such as heightened productivity, real-time supervisory review, a secure centralized platform for audit projects, expanded audit coverage, and improved collaboration among team members. However, the research also delves into the challenges associated with automation adoption in internal audits, revealing unanimous concerns about high investment costs, management buy-in hurdles, and the necessity for frequent updates and customization. These findings contribute valuable insights for organizations navigating the integration of technology into internal audit processes, balancing benefits with potential drawbacks.