The SAP Audit Management solution is part of SAP Assurance and Compliance Software.
Powered by SAP HANA, SAP Audit Management provides a fully mobile enabled, end-to-end audit management solution. The audit department can use it to build audit plans, prepare audits, analyze relevant information, document result, form an audit opinion, communicate results, and monitor progress. The key features of SAP Audit Management include:
- Full mobile-enablement and easy access from multiple devices and platforms
- Full coverage of the audit roadmap; including planning, preparation, execution, report, and follow-up
- Flexible Audit Universethat serves as a single source for audits and monitors audit requests globally
- Integration with third-party systems such as SAP Fraud Management and SAP Risk Management
- Powerful working paper management that allows you to create audit documents via drag-and-drop, single-click access to the documents, and management review
- Global monitoring of findings and following up on the progress of actions
In SAP Audit Management, the auditing process is divided into five phases: planning, preparation, execution, reporting, and follow-up. Different audit tasks are performed in different phases.
Audit planning is the initial phase of the auditing process. During this phase, the overall strategies and focus areas for the organization are defined, the audit plan for the upcoming audit period is prepared, and audit resources are arranged for the planned audits. Auditable items, audits, and audit plans are created.
In the audit preparation phase, the auditor develops and documents the audit work program that achieves the audit engagement objectives. The auditor sets up the structure of the work program, defines the detailed procedures for the audit, and obtains the approval from the audit manager before starting the audit. The audit manager receives the work program, reviews it, and decides to approve or reject it.
If an audit announcement letter is required for the audit, the auditor can also prepare audit announcement letters in this phase. After the announcement letter is approved and distributed, the auditor continues with the preparation of the work program.
The execution phase is when the actual auditing activities take place. In this phase, auditors conduct interviews, gather information, record evidences, and prepare findings, conclusions and recommendations.
Reporting is the final phase of the audit. In this phase, audit reports are created, reviewed, and communicated with the stakeholders.
In the follow-up phase, auditors evaluate the adequacy, effectiveness, and the timelines of actions taken by management on reported findings and recommendations. In reviewing the evaluation result, the auditor determines whether management has implemented the recommendations or accepted the risk of not implementing them.