What is audit productivity software? Does it include traditional office applications like Excel, SharePoint, and Outlook? And what differentiates specialized solutions from traditional ones?

In this blog, we’ll explore why credit unions often choose platforms other than Microsoft Office. We’ll discuss the benefits and utility that other solutions provide.

What Is Audit Productivity Software?

Audit productivity software goes by many names:

  • Audit productivity tools,
  • Audit management software, and
  • Computer-Aided/Assisted Audit Tools and Techniques (CAATTs).

There are more variations, too. Ultimately, audit productivity software is any computer application that will help your credit union’s audit team complete audits more efficiently and effectively.

That means that typical office productivity suites qualify. Outlook, Excel, and SharePoint have helped countless credit union auditors manage their audits and examinations.

However, purpose-built solutions significantly improve the audit process while saving time and reducing the chance of error. These solutions include aspects of project management software and automation.

Why Credit Unions Use Specialized Audit Productivity Tools

Most credit unions use spreadsheets as an audit tool. And most credit unions add 5, 10, even 20 hours per week onto their audit process as a result. That’s because although office productivity suites works for audits, that’s not what they’re designed for.

For example, if you want to build an audit trail with Excel, you’re stuck with few options. You may turn on “track changes,” which can be toggled off and is cumbersome to use. Or you may download third-party software and integrations to produce more reliable audit trails…

But then you’re paying to enhance a product that wasn’t suitable in the first place.

Software that’s specifically designed for audit programs is much more robust. Credit union audit automation software assists audit teams in ensuring that actions occur consistently, that they occur on time, and that they occur the way they’re supposed to.

Specialized audit software centralizes documents, provides a system for tracking findings, and automates communications and delivery. Such streamlining (with Redboard, for example), cuts administration time by up to 50%.

It’s impossible to get similar functionality from generic office productivity tools without extensive customization. And even then, results tend to be varied (and difficult for business users to work with).

Additionally, using Excel, Outlook, and SharePoint spread your audit across multiple applications. This makes it harder to coordinate everything and increases time spent and exposure to risk. Not only is version control harder, but moving data back and forth between applications introduces a lot of pain points for audit teams.

The Best Solution

Ultimately, Microsoft’s Excel, Outlook, and SharePoint are audit productivity software. But they’re inadequate for the credit union audit environment.

Read case studies about how Redboard increases credit union audit bandwidth here:

Download our Unresolved Findings Eliminator to prevent overdue and unresolved findings.

DO CREDIT UNIONS NEED EXTERNAL AUDIT TOOLS?

TWO SIMPLE AREAS WHERE AUDIT SOFTWARE HELPS YOUR CREDIT UNION

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