Some things seem so obvious after they’ve been invented and gotten popular. Think: the wheel instead of walking. Netflix instead of renting. Texting instead of calling. Sliced bread instead of… whatever came before that. But where things weren’t always so simple.

We think audit management software is like that. Why use spreadsheets and emails when you can get a time savings of (often) 40%!?

But the thing is, audit management software isn’t popular. Yet. It’s still a relatively recent invention with a niche audience. So, for all you credit unions out there, here are the basics of what audit management software is, how you can use it, and what it all costs.

What Is Audit Management Software?

This is a loaded question! As mentioned above, audit management software can refer to any software used to manage audits. And typically, especially with credit unions, that means spreadsheets and email.

The simple fact is that Excel and Outlook are not audit tools—they’re just playing the part. But when you use actual specialized audit software, your efficiency goes up by a lot. Especially if that audit software includes any sort of automation.

In short, audit management software is any program that helps you with your audits. It can assign roles, track due dates, store important files, send alerts and notifications, and even build an audit trail for your team. At its core, it helps you complete your audit tasks reliably, repeatably, with accountability, and without missing details. Basically, it helps you do precisely what you need to do.

There are a few kinds of audit software out there, and they all have different strengths. We’re proud to say that Redboard 10 is the simplest, easiest-to-use solution for credit unions. It requires virtually no training or special knowledge, and your business users can jump right in. Yet at the same time, it also offers a suite of powerful organizational and automated tools that keep your audits moving forward without issue.

What Can I Use the Software For?

Audit management software can be used in any stage of the audit process, from the first letter of inquiry to the remediation stage. It simply offers easy, centralized role and task management with due dates, a file repository, an automated audit trail, and a few other goodies.

Because it’s so flexible and remarkably uncomplicated, credit unions can use audit management software for a variety of needs:

• NCUA exams. Redboard got its start in supporting NCUA exams, and some of our most robust and secure features still tailor to this need. Some of our users report cutting 40% of their time off of their NCUA exam completion times.
• External audits. Many of our users endure more than a dozen audits per year. Redboard has helped them streamline their external audit process to the tune of at least 10% time savings, and often far more (25% or more!).
• Internal audits. Using Redboard to track and manage internal audit activity ensures that everyone, audit teams and business users alike, stays on the same page. Specialized software can keep your credit union productive and on the right track with internal audits, too.

Audit Management Software Pricing

Currently, due to the COVID-19 crisis, we are offering our audit management software completely free for 120 days. This is to help credit unions transition to and navigate the world of remote work.

However, we usually charge based on credit union asset size. Typically, the total bill comes to the price of about a cup of coffee per day, per user. And we’re not even talking about those expensive artisanal coffees (or even Starbucks). Compared to their time savings and overall ROI, it’s a great deal.

However, if you want specifics, our homepage has the pricing details.

FREE: Audit Checklist for Credit Unions

4 key principles and 9 questions to jumpstart your audit planning. From leading credit unions.

Additional Reading

If your credit union wants to save time on audits—and make your business users happy—then you should consider looking into audit management software.

But regardless of your needs, we hope you’re staying safe right now. If you need remote audit support or are trying to run your program virtually, we’re here to help. Try our guide to running your audit program remotely.

And if you’d like, try our audit management software for free for 120 days. In the credit union industry, we all need to help each other. We’re just trying to do our part.