Have you ever been through an audit and realized you are struggling to locate the latest version of a policy or your risk assessment? That minor delay for searching turned into time spent backtracking and duplicating efforts. It could have been a smooth review, but it spiraled into a scramble that could have been avoided with the right audit management practices in place.
Situations like this are common. Whether you’re preparing for a SOC 2, ISO 27001, or internal controls review, the quality of your audit management approach can make or break the experience.
This guide covers everything from what audit management is to the tools, systems, and best practices that will help you stay organized, reduce risk, and stay ahead of deadlines.
What is Audit Management?
Audit management refers to the systematized process of planning, coordinating, executing, and monitoring audits within an organization. It tracks the completion of audits in a comprehensive, timely, and well-documented manner. In simpler terms, audit management is how a company keeps audits on track, makes sure findings are addressed, and maintains accountability throughout the organization.
A strong audit management system empowers teams to proactively manage documentation, track remediation efforts, and provide real-time visibility to stakeholders. If a company does not have a centralized approach to managing audits, organizations risk duplicated efforts, missed deadlines, and noncompliance with regulatory standards.
Think of audit management as maintaining a car. You wouldn’t hit the highway without checking your dashboard, fuel levels, tire pressure, maybe even the GPS. So why navigate the complex road of compliance without clear visibility into your audit activities?
What is the Role of Audit Management?
The role of audit management is to manage and coordinate the audit lifecycle from planning to completion. It serves as the connection between compliance, risk management, and operations. The role of audit management isn’t just about conducting audits or “passing” an audit, but to add value, consistency, and accountability across a company.
What Are the Key Responsibilities of Audit Management?
- Audit Planning: Audit management defines the scope, objectives, and schedule of audits based on risk, business priorities, and regulatory requirements.
- Coordinating Teams and Resources: Responsibilities should be assigned to team members so that the correct contacts are aware of their duties for the audit.
- Standardizing the Audit Process: To promote consistency by using standardized templates, checklists, and procedures across the audits that are performed within an organization.
- Monitoring Audit Progress: Audit management tools provide a dashboard of visibility into audit status, milestones, and unresolved issues.
- Documenting and Reporting: The role includes collecting evidence, conducting walkthroughs, tracking findings, and generating audit reports.
- Remediation and Follow-Up: Once the audit itself is completed, audit management should continue to monitor that issues identified are addressed, documented, and closed in a timely manner.
What Is the Difference Between an Audit & Audit Management?
An audit refers to the independent review, whether internal or external, of a company’s records, controls, process system, operations, and/or financials. Audit management is the ongoing administration of planning, organizing, and overseeing those audits.
It’s the difference between driving a car and keeping it road-ready. One is about the ride; the other is about confirming the vehicle stays reliable, compliant, and safe. Without audit management, you’re not just skipping the tune-up; you’re also wasting time trying to remember where you parked the car.
Think back to that moment when you realized you couldn’t find the latest version of a policy or your risk assessment. What should’ve been a straightforward review quickly turned into a scramble, digging through folders, retracing steps, and duplicating work. That kind of fire drill doesn’t just stall momentum; it chips away at audit quality. With the right audit management system, you’re not only maintaining the engine, you’ve got the keys in hand, GPS on, and a clear route ahead.
What Are Audit Management Tools?
Audit management tools are software designed to streamline, automate, and centralize the audit process within a company. These tools support the various stages of the audit lifecycle, from planning to reporting and monitoring, which eliminates the need for manual tracking or decentralized systems.
Think of audit management tools as the dashboard of your car: they give you real-time visibility into everything under the hood, controls, alerts, and direction, so you can focus on driving the compliance journey instead of fumbling with the glovebox or digging through the back seat for missing paperwork. Audit management platforms can streamline the process. These tools typically help with:
- Centralized evidence collection: no more digging through files or inboxes
- Automated reminders: keep audits on schedule and control owners on task
- Audit trails and history: easily demonstrate control performance over time
The key benefits of using audit management tools include:
- Productivity and Efficiency: Reduces manual work and speeds up the audit cycle.
- Visibility: Offers real-time visibility into audit status and findings.
- Consistency: Standardizes documentation, templates, and methodologies.
- Defined Roles: Clearly assigns ownership for every step of the process.
- Compliance: Makes it easier to demonstrate readiness to external auditors or regulators.
Final Thoughts on Audit Management
The next time you prepare for an audit, ask yourself: “Are you guessing your way down the road, or are you confidently in the driver’s seat with a dashboard that tells you everything you need to know?”
Audit management isn’t just about staying compliant; it’s also about operational growth. When you treat audits as a continuous process rather than a one-time panic, your team builds habits that support security, trust, and resilience. Please contact us if you would like further information on audit management or any of the many audit services we provide.
Jessica Kiel joined Linford & Company, LLP in 2023 and she came with over twelve years of experience in internal controls, SOX, controls over Financial Reporting (ICFR), SOC1, SOC 2, Third Party Assurance, and attestations/examinations based on PCAOB or AICPA standards. Jessica began her career with Deloitte in 2011 where she served in a leadership role for the last eight years. Jessica graduated from Southern Illinois University-Carbondale with a Bachelor’s of Science in Accounting and a Masters of Accounting.