In an era of increasingly complex regulations, data security concerns, and a heightened emphasis on auditing transparency, robust auditing practices are becoming increasingly more important to ensure compliance, mitigate risks, and safeguard their operations in the long run.
Fortunately, this is where SAP Audit Management comes in to help!
Read on to learn about the key capabilities and benefits of SAP Audit Management software, how it empowers organizations to take control of their audit planning processes and achieve greater compliance, and where our expert SAP consultants can fit on your team.
What is SAP Audit Management?
SAP Audit Management is a fully integrated component of SAP Assurance and Compliance software powered by the SAP S/4HANA system and designed to help users improve the end-to-end audit management process and prepare more accurate audit reports across the board.
With flexible, mobile-enabled auditing functionality, internal auditors can build more effective audit plans, facilitate better internal auditing procedures, and leverage real-time audit analytics to make better decisions and communicate audit results more efficiently.
The SAP Audit Management solution provides the following capabilities for business users:
- Mobile-enabled solutions and easy access from multiple devices
- Functional integrations with third-party systems, like SAP Risk Management and SAP Business Integrity Screening solutions
- Drag-and-drop features and single-click access to audit documents and management review tasks
- Intuitive user interface to improve efficiency, performance, and user adoption
- Global monitoring functions to track findings and follow up on action progress
- Powerful search features to help users find target information with a single click
Key Components of SAP Audit Management for SAP S/4HANA
Here’s a closer look at the key components of SAP’s Audit Management solution:
Simplified Auditing Processes
With a simplified approach to designing, executing, and managing audit issues, SAP Audit Management makes it easy to capture documentation more effectively and leverage drag-and-drop tools to improve reporting functionality across the entire SAP landscape.
Improved Audit Performance
SAP Audit Management allows users to improve communication across audit teams and speed up issue resolution by reducing repeat findings, standardizing reports, and improving data visualization through predefined templates and automated audit processes.
Better Audit Management
By leveraging a user-friendly interface and advanced collaboration tools, SAP Audit Management software improves auditor engagement, optimizes staff utilization and audit planning, and facilitates efficient integrations with other SAP GRC solutions, like SAP Process Control and Risk Management
Consistent Audit Tracking
The SAP Audit Management solution improves the quality of audit issue reporting with online management reviews and enhances the value of audit reporting through SAP Lumira integrations.
Understanding the Phases of Audit Management in SAP
While each audit management phase can look slightly different according to individual audit requirements or other governance needs, the following phases offer an example of a typical auditing process with SAP Audit Management software.
1) Planning
The audit planning process in SAP involves creating an auditable item within the system, building and maintaining an actionable audit plan, producing the actual audit, and initiating the audit according to predefined business goals and objectives.
2) Preparation
The preparation phase allows users to prepare, review, and distribute audit announcement letters to the relevant internal teams or departments involved in the audit.
This way, they can ensure their work programs are prepared and reviewed on time and regulatory requirements are met for each internal audit process.
3) Execution
In the execution phase, users will leverage approved work programs to create working papers and action plans based on direct findings to ensure their internal audits are executed properly across teams.
4) Reporting
Once audit reports are prepared, reviewed, and approved by audit teams, they will issue a comprehensive audit report with all their findings and any high-value issues and close the audit.
5) Follow-Up
In the follow-up phase, audit teams will respond to additional actions related to their audit assessments, track open findings, and report actions to the responsible audit lead.
How Can We Help?
Whether you need help outlining the main phases of your audit process in SAP Audit Management, additional support facilitating integrations that align internal audit procedures with business goals, or just an extra hand performing timely risk assessments across teams, Surety Systems is here to help.
Our senior-level, US-based SAP consultant team has the knowledge, skills, and resources to help you tackle your most important SAP project needs and achieve your overall business goals in no time.
Wherever your SAP project needs lie, our team has you covered!
Getting Started with Us
Interested in learning how SAP Audit Management software can improve the accuracy and efficiency of your internal audit procedures? Ready to get started on a project with our expert SAP consultant team?
Contact us today!
