Financial audit software reviews and analyzes financial transactions to maintain compliance and reduce fraud. This type of software allows companies to ensure compliance with financial regulations and internal policies as well as to identify suspicious transactions that may impact their profitability. Financial audit software is used mostly by accounting departments but can also be leveraged by procurement teams for spend auditing or to monitor travel and expense transactions.
Financial audit tools need to integrate with solutions that capture financial transactions such as ERP systems, accounting software, procurement software, and travel & expense software. Financial auditing software can be delivered as a standalone product or as part of a product suite.
To qualify for inclusion in the Financial Audit category, a product must:
- Provide functionality to automate the auditing of all types of financial transactions
- Identify risks such as suspicious transactions or pricing and payment violations
- Analyze transactions to detect duplicate invoices and excessive or unapproved spend
- Match financial transactions with internal spend policies to identify discrepancies
- Allow users to audit transactions in multiple languages and currencies
- Deliver reports on suspicious behavior, risk assessment, and audit performance
