Workiva vs AuditBoard: Key Features Compared

In the rapidly evolving landscape of internal audit, the adoption of modern tools has become essential for enhancing efficiency, accuracy, and compliance. Comparing solutions like Workiva vs AuditBoard is crucial as organizations face increasing regulatory demands and the need for robust risk management. Internal audit professionals are turning to advanced software solutions to streamline their processes. The right tools not only facilitate better audit management but also empower teams to focus on strategic insights rather than getting bogged down by manual tasks.

Among the leading platforms in this space we have Workiva vs AuditBoard, both of which have garnered significant attention for their innovative features and user-friendly interfaces. Workiva is known for its real-time collaboration capabilities, version control, and data linking, making it a strong contender for teams that prioritize seamless communication and integration. On the other hand, AuditBoard excels in automating key processes involved in assurance and compliance engagements, offering features such as risk assessment, issue tracking, and comprehensive reporting tools.

This blog aims to provide a comprehensive comparison of Workiva vs AuditBoard, helping internal audit professionals navigate the complexities of choosing the right tool for their needs. By examining the strengths and weaknesses of each platform, we hope to equip auditors with the insights necessary to make informed decisions that align with their organizational goals and enhance their audit practices.

Understanding Internal Audit Needs

In the evolving landscape of internal audit, professionals are increasingly seeking tools that not only streamline their processes but also enhance the quality and reliability of their work. Both Workiva and AuditBoard have emerged as prominent solutions, each addressing critical needs within the internal audit function. Here are some key points that highlight the specific requirements of internal audit professionals and how these tools cater to them:

Importance of Data Accuracy and Integrity: Internal auditors rely heavily on accurate and reliable data to make informed decisions and provide assurance to stakeholders. Both Workiva and AuditBoard emphasize data integrity, offering features that ensure the information used in audits is precise and trustworthy. AuditBoard, for instance, provides robust audit management capabilities that help in documenting risks and tracking issues effectively, which is crucial for maintaining data accuracy.

Need for Real-Time Collaboration Among Audit Teams: Modern internal audit functions require seamless collaboration among team members, especially when dealing with complex audits. Workiva excels in this area by providing an internal communication platform that allows users to collaborate within the system, reducing reliance on external tools like email. This feature enhances real-time communication and ensures that all team members are on the same page throughout the audit process [2].

Regulatory Compliance and Reporting Requirements: Compliance with regulatory standards is a fundamental aspect of internal auditing. Both tools are designed to help organizations meet these requirements efficiently. Workiva, for example, is known for its strong reporting capabilities, which facilitate the generation of compliance reports that adhere to regulatory standards. This is essential for internal auditors who must ensure that their findings and recommendations align with legal and regulatory frameworks.

The Shift Towards Automation and Efficiency in Audit Processes: The internal audit profession is witnessing a significant shift towards automation, aimed at increasing efficiency and reducing manual workloads. AuditBoard supports this transition by automating key processes involved in audit management, such as scheduling audits and tracking issues. This automation not only saves time but also allows auditors to focus on more strategic tasks, thereby enhancing overall productivity [12].

As internal audit professionals navigate the complexities of their roles, tools like Workiva vs AuditBoard provide essential functionalities that address their specific needs. By focusing on data accuracy, facilitating collaboration, ensuring compliance, and promoting automation, these solutions empower auditors to perform their duties more effectively in a rapidly changing environment.

Overview of Workiva

Workiva is a cloud-based platform designed to enhance the efficiency and effectiveness of internal audit processes. It provides a comprehensive suite of tools that streamline audit management, compliance, and reporting functions, making it a popular choice among internal audit professionals. Here’s a detailed look at its key functionalities and benefits:

Key Functionalities

Internal Audit Management: Workiva offers a robust internal audit management solution that includes automated evidence gathering, reporting, and planning. This helps organizations streamline their audit processes, ensuring that audits are conducted efficiently and effectively [6].

Audit Analytics: The platform features integrated Audit Analytics, which enhances risk assurance and improves efficiency by enabling full-population analysis. This capability allows auditors to gain deeper insights into data, eliminating the need for manual, sample-size testing [5][9].

Dynamic Data Linking: Workiva allows users to link data and commentary seamlessly, providing a more comprehensive narrative of audit findings. This feature ensures that the information presented is accurate and connected to its sources, which is crucial for maintaining credibility in reporting [2].

Integration Capabilities

Workiva excels in its ability to integrate with various systems, enhancing its functionality and usability. The platform supports data integration across different applications, allowing for a more cohesive workflow. This capability is particularly beneficial for organizations that rely on multiple software solutions for their audit and compliance needs [10].

User-Friendly Interface and Collaborative Features

One of the standout features of Workiva is its user-friendly interface, which is designed to facilitate ease of use across the organization. The platform includes collaborative workspaces that enable teams to work together efficiently, share insights, and manage documents in real-time. This collaborative approach not only enhances productivity but also fosters a culture of transparency and communication within audit teams [15].

Workiva stands out as a powerful tool for modern internal audit professionals, offering a range of features that enhance productivity, collaboration, and data integrity. Its integration capabilities and user-friendly design make it a compelling choice for organizations looking to optimize their audit processes in line with the latest industry trends.

Overview of AuditBoard

AuditBoard is a leading cloud-based platform specifically designed to enhance and modernize internal audit, risk management, and compliance functions within organizations. As a comprehensive Governance, Risk, and Compliance (GRC) solution, it offers a suite of tools and features that streamline workflows, improve collaboration, and elevate the overall effectiveness of audit and compliance processes.

Key Functionalities of AuditBoard

Streamlined Audit Management: AuditBoard’s audit management module simplifies the entire audit execution process, allowing teams to efficiently plan, execute, and report on audits. This automation reduces the time spent on manual tasks, enabling auditors to focus on strategic initiatives rather than administrative burdens [2][3].

Risk Management Features: The platform is equipped with robust risk management capabilities that help organizations identify, assess, and mitigate risks effectively. AuditBoard allows users to align audit plans with key business initiatives, enhancing operational efficiency and enabling quicker identification of potential risks [4][7].

Compliance Management: AuditBoard supports organizations in meeting compliance obligations through its automated framework updates. This feature ensures that key data, such as assessment results and compliance status, is automatically transferred and updated, reducing the complexity of compliance management [11].

Collaboration and Reporting Tools

Enhanced Communication: AuditBoard fosters better communication and collaboration among team members. Its platform allows for real-time updates and shared access to audit documentation, which is crucial for maintaining transparency and accountability throughout the audit process [7][15].

Comprehensive Reporting: The platform provides advanced reporting tools that enable users to generate detailed reports on audit findings, compliance status, and risk assessments. These reports can be customized to meet the specific needs of stakeholders, ensuring that critical information is communicated effectively [3].

Successful Implementations

Numerous organizations have successfully implemented AuditBoard to optimize their internal audit processes. For instance, Marmon Holdings utilized AuditBoard to expand their assurance capabilities, demonstrating the platform’s effectiveness in enhancing audit quality and strategic impact [4]. Additionally, companies that have adopted AuditBoard have reported significant improvements in their risk management profiles, largely due to the platform’s built-in automation features that simplify complex workflows [5].

AuditBoard stands out as a powerful tool for internal audit professionals seeking to modernize their audit processes. Its focus on risk management, compliance, collaboration, and reporting makes it a compelling choice for organizations aiming to enhance their audit effectiveness in today’s dynamic regulatory environment.

Comparative Analysis: Workiva vs AuditBoard

In the evolving landscape of internal audit, selecting the right software tool is crucial (Workiva vs AuditBoard) for enhancing efficiency and compliance. This section provides a comprehensive comparison of Workiva and AuditBoard, two leading platforms in the Governance, Risk, and Compliance (GRC) category, focusing on key criteria that matter to internal audit professionals.

Feature Set Comparison

Reporting: Both Workiva and AuditBoard offer robust reporting capabilities. AuditBoard is designed to streamline audit activities, providing tools for documentation, reporting, and stakeholder engagement, which enhances compliance with regulatory standards. Workiva, on the other hand, is recognized for its cohesive platform that facilitates smooth financial reporting, ESG, auditing, and risk management processes [9]. Users have noted that Workiva’s data linking features are particularly advantageous for creating interconnected reports.

Collaboration: AuditBoard provides an internal communication platform that allows users to communicate within the system, reducing reliance on external tools like Outlook [1]. This feature enhances collaboration among audit teams. Workiva also emphasizes collaboration, but users have reported that AuditBoard is easier to use in this regard [2].

Risk Management: Both platforms include risk management functionalities, but AuditBoard’s focus on internal auditing tools may provide a more tailored experience for audit teams. It allows for managing control frameworks and documenting risks effectively.

Pricing Models and Cost-Effectiveness

AuditBoard: The pricing for AuditBoard is based on the number of controls and audits rather than the number of users, which can be beneficial for larger organizations. Initial costs can be significant, with reports of $150,000 for the first year and $120,000 for subsequent years.

Workiva: While specific pricing details for Workiva are less frequently disclosed, it is generally perceived as having a more straightforward setup and administration process, which may lead to lower initial implementation costs [2]. However, the overall cost-effectiveness will depend on the specific needs and scale of the organization.

User Experience and Customer Support

User Experience: Reviewers have found AuditBoard to be easier to use compared to Workiva, which can be a significant factor for teams looking to minimize training time and enhance productivity [2]. AuditBoard has a higher average rating of 8.5 compared to Workiva’s 7.0, indicating a preference among users for its interface and usability [1].

Customer Support: Both platforms are noted for providing adequate customer support, but user experiences can vary. AuditBoard’s focus on internal auditing may lead to more specialized support for audit-related queries, while Workiva’s broader application may offer more generalized assistance [11].

Integration Capabilities with Existing Systems

AuditBoard: The platform is designed to integrate seamlessly with various internal audit processes, allowing for efficient management of audits and controls. However, specific integration capabilities with other systems may vary based on the organization’s existing infrastructure.

Workiva: Known for its flexibility, Workiva offers strong integration capabilities with existing financial and compliance systems, which can be a significant advantage for organizations looking to streamline their processes [9]. Users have reported that the ease of setup for Workiva is a notable benefit, making it easier to integrate into existing workflows [2].

Choosing between Workiva vs AuditBoard ultimately depends on the specific needs of the internal audit team. While AuditBoard excels in user experience and tailored auditing features, Workiva offers robust reporting and integration capabilities. By carefully considering the feature set, pricing models, user experience, and integration capabilities, internal audit professionals can make an informed decision that aligns with their organizational goals.

Industry Trends Impacting Internal Audit Tools

In the rapidly evolving landscape of internal audit, professionals are increasingly faced with the challenge of selecting the right tools to enhance their processes. The comparison between Workiva vs AuditBoard is particularly relevant in light of several key industry trends that are shaping the future of internal audit practices. Here are some of the most significant trends impacting the choice of audit tools:

The Rise of Remote Auditing: The shift towards remote work has necessitated a transformation in how audits are conducted. Tools like Workiva and AuditBoard are designed to facilitate remote auditing by enabling collaboration across teams and locations. These platforms provide cloud-based solutions that allow auditors to access documents, share insights, and conduct reviews in real-time, thus supporting the transition to a more flexible auditing environment [2][15].

Increased Focus on Data Analytics and Visualization: Modern internal audit processes are increasingly leveraging data analytics and visualization techniques to enhance decision-making and reporting. Both Workiva and AuditBoard offer advanced analytics capabilities that allow auditors to analyze large datasets efficiently and present findings in a visually compelling manner. This focus on data-driven insights is crucial for identifying trends, anomalies, and areas of risk within organizations [7][8].

Regulatory Changes Impacting Tool Requirements: The internal audit landscape is heavily influenced by regulatory developments, which often dictate the requirements for audit tools. Recent updates, such as the new Global Internal Audit Standards released by the Institute of Internal Auditors (IIA), emphasize the need for agility and compliance in audit practices. As organizations adapt to these changes, they must choose tools that not only meet current regulatory standards but also provide the flexibility to evolve with future requirements [3][9].

Growing Importance of Risk Management: As businesses face an increasingly complex risk environment, the role of internal audit in risk management has become more critical. Tools like Workiva and AuditBoard are designed to integrate risk management frameworks into the audit process, allowing auditors to assess and respond to risks more effectively. This integration is essential for ensuring that audits are aligned with organizational objectives and that potential risks are identified and mitigated proactively [4][8].

The choice between Workiva vs AuditBoard should be informed by these industry trends. Internal audit professionals must consider how each tool aligns with the demands of remote auditing, data analytics, regulatory compliance, and risk management to ensure they are equipped to meet the challenges of modern internal audit practices.

Making the Right Choice for Your Organization

When it comes to selecting the right tool for internal audit, organizations face a myriad of options, with Workiva and AuditBoard being two of the most prominent solutions in the market. This section aims to guide internal audit professionals through a comprehensive comparison of these tools, focusing on key factors that influence the decision-making process.

1. Assessing Organizational Size and Complexity

The size and complexity of your organization play a crucial role in determining which tool is more suitable. AuditBoard is often favored by larger organizations due to its robust features that cater to complex audit processes, including managing control frameworks and documenting risks effectively. It is ranked #3 in the GRC category with an average rating of 8.5, indicating strong user satisfaction in larger settings [7]. Conversely, Workiva, while also effective, is ranked #5 with a lower average rating of 7.0, suggesting it may be better suited for organizations with less complex needs [2].

2. Evaluating Specific Feature Needs Based on Audit Processes

Different organizations have varying requirements based on their audit processes. AuditBoard excels in audit management, compliance management, and offers a comprehensive internal communication platform, which can streamline collaboration within audit teams. On the other hand, Workiva is noted for its ease of setup and administration, making it a strong contender for organizations that prioritize user-friendly interfaces and quick deployment [1][12]. It is essential to evaluate the specific features that align with your audit processes, such as reporting capabilities, risk management, and integration with existing systems.

3. Considering Budget Constraints and ROI

Budget constraints are a significant factor in the decision-making process. Both AuditBoard and Workiva offer different pricing structures, and organizations must assess their financial capabilities against the potential return on investment (ROI) each tool can provide. While AuditBoard may require a higher initial investment due to its extensive features, it could lead to greater efficiencies and cost savings in the long run, especially for larger teams [3][11]. Workiva, with its competitive pricing and ease of use, may appeal to smaller organizations or those with tighter budgets [1][4].

4. Importance of Trial Periods and Customer Feedback

Before making a final decision, it is advisable to take advantage of trial periods offered by both platforms. This allows organizations to test the tools in real-world scenarios and gather feedback from users within the audit team. Customer reviews indicate that AuditBoard provides significant support during the initial setup and customization phases, which can be beneficial for teams transitioning from other systems [13]. In contrast, Workiva’s user-friendly design and immediate support options, such as a dedicated helpline, can enhance the onboarding experience [12]. Gathering insights from current users can provide valuable perspectives on the strengths and weaknesses of each tool.

The choice between Workiva vs AuditBoard should be guided by a thorough assessment of your organization’s size, complexity, specific feature needs, budget constraints, and user feedback. By carefully considering these factors, internal audit professionals can select the tool that best fits their organizational needs, ultimately enhancing their audit processes and outcomes.

Conclusion

In the evolving landscape of internal audit, selecting the right software tool is crucial for enhancing efficiency and compliance. Both Workiva and AuditBoard offer unique strengths that cater to different organizational needs.

Strengths of Workiva: Workiva is recognized for its user-friendly setup and robust data linking capabilities, making it a preferred choice for organizations that prioritize ease of administration and integration with existing systems. Its strong customer support, including immediate assistance via a dedicated helpline, further enhances the user experience, particularly for teams that require quick resolutions to issues [5][12].

Strengths of AuditBoard: On the other hand, AuditBoard excels in providing a comprehensive internal audit management platform that streamlines audit activities and enhances collaboration among teams. Its focus on user experience and regulatory compliance makes it a strong contender for organizations looking to improve their audit processes and stakeholder engagement [6]. Additionally, AuditBoard has received favorable ratings from users, indicating a high level of satisfaction with its functionalities [3].

As internal audit professionals, it is essential to assess your organization’s specific needs carefully. Consider factors such as the complexity of your audit processes, the level of customization required, and the importance of user support when making your decision.

To make an informed choice, we encourage you to explore both platforms further (Workiva vs AuditBoard). Scheduling a demo or consultation with Workiva and AuditBoard can provide valuable insights into how each tool aligns with your internal audit objectives. By taking this proactive step, you can ensure that your organization is equipped with the best tools to navigate the complexities of modern internal auditing effectively.

Find out more about Shaun Stoltz https://www.shaunstoltz.com/about/

This post was written by an AI and reviewed/edited by a human.