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What is Audit Management?
Audit management is an important process for companies looking to stay ahead of external and internal audits, stay compliant, and save time when it comes to auditing. Audit management seeks to correctly implement board-approved audit directives.
What is Audit Management?
Audit management is an important process for companies looking to stay ahead of external and internal audits, stay compliant, and save time when it comes to auditing. Audit management seeks to correctly implement board-approved audit directives.
What is SAP Audit Management?
SAP Audit Management can help ensure company processes around SAP and the data it contains are followed. Struggling to meet audit standards and stay compliant can have major consequences for companies — from external fines to the breakdown of internal processes. Staying on top of audit management requires work and documentation. If done manually, it can be an arduous process with a high potential for error. That’s where companies turn to automation and audit assistant through technology.
Audit management software may include some or all of the following features:
- Risk evaluation
- Audit metrics reporting and dashboarding
- Digitization of audit documents
- Audit report automation
- Issues tracking and monitoring
Vendors such as Protiviti and RSM provide audit management solutions that seek to automate much of the audit management process. Additionally, tax-focused vendors such as Vertex have tools that automate compliance, which will ultimately making audits easier through better reporting and fewer issues.
Key Considerations for SAPinsiders:
- In our recent GRC research, we found rapid changes within compliance and data privacy regulations to be a top driver. However, only about a quarter of companies surveyed said they were looking to grow internal audit as a skillset. This suggests that many companies have what they need for internal audits — if your company does not, you may be falling behind.
- In that same research, we found audit management to be one of the most used GRC solutions, in place at over half of organizations. Improving GRC automation was a top strategy, while facilitating audit planning and performance was also a top strategy. Leading companies are prioritizing audit planning and performance and looking to automate.
- Audit your audit planning process. Regulations around data privacy have made major changes in recent years, and regulatory requirements are likely to continue to change more frequently than we’ve seen before. Planning for audits and conducting regular internal audits is important, and you may need to find a way to be more agile to stay compliant. Of course, getting GRC processes streamlined and consistent in the first place will also help audit planning.
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Achieving Internal Audit Relevance with ProtivitiJul 12, 2023 — Global consulting firm Protiviti recently released the results of its 2023 report Internal Auditing Around the World®, Volume XIX, its nineteenth annual edition. To find out the different paths to relevance, Protiviti spoke with industry leaders like Bayer AG, Hilton, PNC, Vanderbilt University Medical Center, and many more. By sourcing information from across different disciplines, regions, and sizes of organizations, this report was able to provide readers with a full picture of the tools that chief audit executives have at their disposal to remain relevant and add value to their organizations.
In this article, we will explore some of the key lessons learned from the report, how internal audit teams should position themselves, and strategies they can leverage to maximize their value and relevance within the company.
Internal audit teams play an essential role in the larger GRC functions of a business. By minimizing risk, creating value, and staying up to date on the latest technological tools, these teams can remain relevant within their organizations.
It is important to note that there is not one single path for internal audit teams to successfully achieve relevance. There are many different options and methodologies these teams can implement to meet the requirements set forth by business leaders.
3 minute read
Are You Smarter Than an Auditor?Mar 15, 2016 — The following quiz will test your knowledge about SAP risks and controls. It consists of 13 questions, and covers common areas that may be included in an internal audit review of an SAP system, including security, change control, basis settings, and configurable controls. A good internal auditor, specifically one familiar with auditing an SAP system […]
1 minute read
Electronic Auditing is Coming to Mexico – Are You Prepared?Feb 23, 2016 — In a recent interview with CNN Expansion, Aristoteles Nunez, the head of Mexico’s Tax Administration Services (SAT), stated that the Mexican government will begin deploying electronic audits in the second half of 2016. This is a move the SAT has already been gearing up for over the past few years by moving much of its […]
3 minute read
Case Study: Innovation in Audit Management – Enabling True Alignment Between Risk & Audit at EquinorJan 20, 2021 — Driven by the need to effectively translate company strategy, ambitions, and risks into actions and results; Equinor, a multinational energy company with operations in more than thirty countries, is utilizing an integrated performance management and risk solution powered by SAP UI5, SAP BW on HANA, SAP BusinessObjects Lumira, and SAP Analytics Cloud. Taking it one significant step further, Equinor is now integrating Audit Management into its unique solution – to create an unprecedented combination of capabilities that will enable fit-for-purpose planning, execution and follow-up of audits in the context of enterprise risk management and strategy. Hear about Equinor’s strategy for replacing its legacy SAP Audit Management solution, with special focus on the process and principles, the delivery model, architecture, and user engagement. Attend this interactive session to:
- See how Equinor partnered with SAP Innovative Business Solutions, using an iterative design-thinking approach to revamp and digitalise its performance framework, leveraging custom SAP UI5 to exponentially increase the value of existing investments and innovate in user experience
- Step through a live demo of planning, execution and follow-up of audits and related findings and actions in a large enterprise context
- Find out how the new solution will be a key enabler for unlocking new insight and ensure timely execution and follow-up of the audit program
1 minute read
Better Manage Enterprise Risk and Streamline Audit Life Cycle Management with SAP Audit Management (Part 1)Aug 15, 2016 — See how SAP Audit Management can help improve the different facets of the internal audit life cycle including audit planning and preparation while enforcing process control and risk management. Key Concept Audit is a process that defines the time, scope, resources, and other attributes for an audit engagement and documents evidence, results, recommendations, and reports. […]
18 minute read
Audit PreparationJan 14, 2021 — Preparing for new and potential scenarios, regulations, and risks requires increasingly complex auditing roles. How can you ensure that your organization is prepared for audit and that your internal and external audit teams have everything they need? Sessions in this track will cover best practices and thought leadership to help you understand how to improve and automate internal audit processes, leverage new technology and solutions, and consider new impacts on your role. Understand the impact of current trends and issues on auditing teams and learn how to best prepare for your own internal audits.
3 minute read
Effective Internal Auditing in the Digitalized Era: Adding value to the businessJun 7, 2021 — We see a strong push towards organizations adopting cloud-based software while still having on-prem operations, automation of as many processes as possible, use of many types of artificial intelligence, and ongoing decentralized and home working. What needs to be audited, and how it is audited, is changing. In this session you will:
- Obtain a view about the future and pressures for the internal audit function in the new digitalized era
- See how some SAP customers’ internal audit function are innovating their approach and actively assisting their businesses
- Discover how you can provide more visibility and demonstrate the vital value of your internal audit function
1 minute read
Video: Delivery Hero’s Auditing Success Depends on Innovation and a Risk-Based ApproachMay 21, 2021 — Delivery Hero’s vision is to always deliver an amazing experience fast, easy, and to your door. This may not seem unusual for an order and delivery service organization, but with over 1 billion orders per year, and continued growth and expansion, it appears the company is delivering on its ambitious vision.
Berlin-based, Delivery Hero is present in over 50 countries across four continents, and operations include hundreds of entities. Given the diversity of markets and regulatory requirements with many potential localized risks to track, having strong assurance is essential to their success.
Learn how Delivery Hero’s Internal Audit team, created in 2017 and continuously expanding, has gone from scratch to impact. How are they doing more with less, leveraging resources for greater productivity, insights, and value?
1 minute read
Bridging the Cybersecurity Gap in IT General Controls (ITGC)Jan 25, 2021 — Compliance with regulations like Sarbanes-Oxley (SOX) often require a set of controls in place to mitigate risks to the integrity of financial reporting. Current ITGC testing performed by internal and external auditors is only focused on one slice of access risk. Different entry points into SAP systems are overlooked and present a higher level of risks that are currently not even assessed. How would you and your organization respond if presented with a scenario where you could 'ace' your ITGC audit and still be completely exposed? In this session participants will:
- Be provided a snapshot of the current ITGC testing approaches commonly applied by auditors
- Learn the shortcomings of these approaches
- Understand the threats that exist to your SAP beyond the current ITGC scope and how they relate to compliance (specifically Sarbanes-Oxley)
- See how you can mitigate these risks BEFORE your internal and external audit
1 minute read