See how SAP Audit Management can help improve the audit execution and follow-up activities while enforcing process control and risk management.
Reading this article, you’ll learn:
- Step-by-step instructions on how to execute an audit exercise
- Different follow-on activities that can be performed with the SAP Audit Management tool
The audit life cycle consists of all the phases from audit planning to the closing of any possible findings identified during the audit execution. The SAP Audit Management system provides the framework and tools to manage all the phases of the audit life cycle, namely planning, preparation, execution, reporting, and follow-up.
Using fictitious data, I portray a business example to show how you can use the SAP Audit Management system to capture and streamline audit functions in an organization. The example captures a typical audit life cycle based on SAP Audit Management 1.2:
- Execution of the audit
- Preparation and submission of a draft audit report
- Review and approval of a draft audit report
- Preparation and submission of a final audit report
- Review and approval of the final audit report
- Issuance of the audit report
- Tracking of action and findings
- Closing the audit