Navigation:


DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
Thread Title: Opinions on Audit Software
Created On Friday February 26, 2010 3:39 PM
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software
  Opinions on Audit Software


January


Posts: 7
Joined: Jul 2006

Friday February 26, 2010 3:39 PM

User is offline View thread in raw text format

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!

Reply
Quote
Top
Bottom



lvcynic


Posts: 28
Joined: Dec 2009

Monday March 01, 2010 12:11 PM

User is offline View users profile View thread in raw text format

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.

Reply
Quote
Top
Bottom



Hasslee


Posts: 8
Joined: Feb 2010

Tuesday March 02, 2010 8:13 AM

User is offline View thread in raw text format

We are using Auto Audit and I find it unfriendly/too complicated unlike Teammate which is really user friendly.

Reply
Quote
Top
Bottom



January


Posts: 7
Joined: Jul 2006

Wednesday March 03, 2010 4:18 PM

User is offline View thread in raw text format

Ivcynic and Hasslee - thank you SO MUCH for your opinions! We've had questions about CaseWare and Auto Audit, as well - your opinions are very much appreciated.

Reply
Quote
Top
Bottom



JonnRobertson


Posts: 11
Joined: Nov 2007

Monday March 08, 2010 4:33 PM

User is offline View thread in raw text format

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.

-------------------------
Jonn Robertson

Reply
Quote
Top
Bottom



lvcynic


Posts: 28
Joined: Dec 2009

Tuesday March 09, 2010 3:58 PM

User is offline View users profile View thread in raw text format

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.

Reply
Quote
Top
Bottom



Pav


Posts: 3
Joined: Nov 2005

Thursday July 15, 2010 6:38 AM

User is offline View thread in raw text format

Hi Guys,

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.

Hope this helps!

Reply
Quote
Top
Bottom



Cano44


Posts: 5
Joined: Feb 2012

Tuesday February 28, 2012 10:43 AM

User is offline View users profile View thread in raw text format

Hi Pav,

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.

Thanks

Hugo A Mugica
PEAK6 Investments
312-810-9662

Reply
Quote
Top
Bottom



brbruce0


Posts: 2
Joined: May 2012

Thursday May 24, 2012 12:17 PM

User is offline View thread in raw text format

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?

Reply
Quote
Top
Bottom



Cano44


Posts: 5
Joined: Feb 2012

Thursday May 24, 2012 1:06 PM

User is offline View users profile View thread in raw text format

Hi BRBRUCE0,

We had exactly the same problem. I even emailed MorganKai and told them I liked their software but not having a sandbox was making the decision extremely difficult.

After looking at all other options we decided to go for MKInsight. From the workshops it appears it has all features we are looking for and is by far the most cost-effective option.

We are just starting the implementation process, will keep this blog updated with my opinion on the implementation and actual usefulness of the software as we start rolling out audits on it.

Feel free to give me a call in a month or so and I can give you an honest opinion on how the implementation is going and how it feels when you actually get to try it for the first time

Regards

Hugo A Mugica
PEAK6 Investments
312-810-9662

Reply
Quote
Top
Bottom



Vinny57


Posts: 1
Joined: Nov 2006

Tuesday September 18, 2012 10:25 PM

User is offline View thread in raw text format

Regarding MKInsight, does anyone know if it can be customized (unless this is standard functionality) to perform SOX testing (and capture financial controls data?)

Reply
Quote
Top
Bottom

DISCUSSIONS > IIA GENERAL DISCUSSION AREA [ REFRESH ]
The Institute of Internal Auditors • 247 Maitland Avenue Altamonte Springs, FL. 32701-4201 USA
+1-407-937-1100 • FAX +1-407-937-1101 • www.theiia.org