We're a 7-10 man shop. I/A Department is 3 years old with exponential corporate growth. Looking at different Audit Software to help facilitate audits (from identifying audit universe, ERM, scheduling, budet vs actual, etc...the whole process start to finish). We're looking at TeamMate and like what it has to offer - any opinions out there on this software or other software that is comparable? Thanks so much!
I worked with TeamMate (TM) in the past and thought it was very user friendly from both the reviewer standpoint as well as the auditor putting together the audit file. No real complaints from me on TM. I also used a system called CaseWare and although very similar, or so I thought, to TM, I preferred TM.
We've been using various components of TeamMate for the last several years. We started with their Electronic working papers, then implemented their timekeeping system, then the scheduling component. Most recently we started using audit universe/risk tool and central reporting. I would agree with the earlier comments that TeamMate is relatively user friendly, but you should be prepared to spend time setting up your policies and getting to know the applications.
I just went through training on MK Insight and have nothing kind to say about it. This system does not even have tickmarking and hyper-linking capabilities. Supposedly they have a version being tested by a couple of its clients that has these features, but I cannot believe they have versions without these features. I was using TeamMate over 3 years ago with such features. If at all possible, I would encourage you to run from MK Insight.
Great discussion! Selection of a software for internal audit team is indeed is a difficult task.
I am very surprised to hear your comment as my team has use MKinsight for a number of years and it is undoubtedly a completely different generation of software to products like TeamMate. I have seen and used the tickmarking and hyperlinking functionality in MKinsight which is simple and straight forward to use. I have also held a number of discussions with teams that have opted to switch directly from TeamMate to MKinsight with great success.
For the stake of fairness I ’ll just mention just one, but huge advantage which you may like in MKinsight. If you are in an advanced IA department which looks beyond just compliance and tickmarking the strategic advantage of MKI is that the “Audit Work Program Template Designer” drives all your thoughts and thoughts of your team in a risk-based way, which is a must in any operational audits and crucial for adding value to the business.
When designing a work program you always start with “Objective”, continue with “Risks”, then with “Controls” and then with “Tests”. Thus each time you think “out of the box” by identifying all possible risks, then all existing and possible controls and then testing whether they are working in practice. My 2.5 years experience proved this is a very robust and helpful process. And if after 2.5 years your department is viewed less as “accountants” but more as “business consultants” or “business partners” then you are satisfied and confident you made a right choice.
So, when making a software selection just consider what is your department role should be and what would like to achieve.
Are you by any chance still checking these forums often?
I am in the process of starting the audit function for my employer, I was recently hired to do this. In the past I have use TeamMate extensively, so I am very aware of its shortcomings. When selecting an audit management software to implement here at PEAK6 I checked out MKInsight and overall I liked what I saw, the problem is they do not offer a test user in a sandbox so they purchase would pretty much be a shot in the dark.
Any chance we could have a phone conversation about MKInsight?
It would help me enormously to be more confident about my decision to purchase MKInsight or not.
Hugo, I am currently looking at audit software as well, and really did like what I saw for MKinsight as well. But one problem I have is that they don't have a sandbox, so I have no idea what it's like to actually be in the system. We have one more demo setup for this afternoon, and then we will start making our selection to the final two vendors. I was wondering what you were able to do, or if you have made your decision, what you ended up going with?