(SAP graphic for SAP Audit Management, which can be seen in full here.)
SAP has announced the general availability of the SAP® Audit Management application powered by SAP HANA®, a solution dedicated to meeting the needs of internal audit teams. The vendor asserts that SAP Audit Management streamlines the auditing process by providing a cost-effective alternative to spreadsheets and manual tools while integrating into the powerful SAP Fraud Management analytic application as well as the SAP Risk Management application, creating a synergistic relationship to fulfill overall management needs. The announcement was made at the Institute of Internal Auditors’ 2014 International Conference in London, July 6-9, 2014.
Audit departments’ mindsets have changed with the increase of innovation and automation across traditional business functions generally, according to Michael Rasmussen, chief pundit, GRC 20/20. “Having the ability to manage and conduct audits in the context of a changing business strategy and environment, utilize mobility to bring efficiency and agility to audits, and integrate with critical business systems and processes, and conduct a wider variety of operational audits (not just finance and IT) has evolved the auditor’s role as well as use of technology,” Rasmussen commented. “Auditors are no longer focused only on reporting and monitoring, they have become trusted advisors to senior management.”
“Keeping pace with stakeholder expectations, an auditor must strike a balance between assurance of internal controls but also keep abreast of dynamic enterprise risks, evolving regulatory requirements, and understand all of this in context of business performance and operations,” Rasmussen adds.
A vendor statement on the release of SAP Audit Management powered by SAP HANA submits that the marketplace for audit management solutions is rapidly changing, because uditors around the world are being challenged to drive down the cost of basic assurance activities while continuing to provide valuable business insights. The statement says that the vendor’s new audit management application is designed to meet all the assurance requirements of a modern audit department by providing the following capabilities:
- Mobility: With mobile audit capabilities, text, video and audio files can be captured and documented on mobile devices using drag and drop functionality.
- Insight: With SAP HANA, revamped search capabilities unlock the knowledge of past audits and make this information available for planning and analyzing current engagements.
- Collaboration: Integration with the SAP Jam social software platform helps ensure efficient collaboration between auditors and their greater business network, allowing more transparency as audits findings are tracked and monitored.
- Usability: An intuitive, user-friendly interface designed to engage professional auditors, allows for more efficient global monitoring and timely follow-up on findings.
- Integration: Seamless alignment with the SAP solutions for governance, risk, and compliance (SAP solutions for GRC). SAP Fraud Management places powerful fraud fighting reports and tools into the hands of internal auditors and SAP Risk Management allows internal audit to prioritize based on risk assessments competed by the business..
“With the release of SAP Audit Management powered by SAP HANA, we are providing internal auditors the tools needed to expand the value of their role and amplify the influence audit departments can have on business decisions across organizations,” commented Kevin McCollom, group vice president of solution management, governance, risk and compliance, SAP. “By using next-generation analytics to provide advice and key insights on business risks and predict future challenges, auditors using SAP have the resources to drive greater change within an organization.”