To bridge the gap between historically slow technology adoption and the need for innovation within the internal audit function, SAP AG (NYSE: SAP) today announced the general availability of the SAP® Audit Management application powered by SAP HANA®, an new solution dedicated to meeting the needs of internal audit teams. 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 and 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, being held July 6-9 in London.
“The increase of innovation and automation across traditional functions of business has changed the mindset and expectations of audit departments. 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, 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,” said Michael Rasmussen, chief pundit, GRC 20/20. “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.”
The marketplace for audit management solutions is rapidly changing. Auditors around the world are being challenged to drive down the cost of basic assurance activities while continuing to provide valuable business insights. SAP Audit Management is designed to meet all the assurance requirements of a modern audit department by providing:
“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,” says Kevin McCollom, group vice president of solution management,GRC, 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.”
Jason Grosse, SAP, +1 (415) 694-8554, email@example.com, PDT
Shannon McLoughlin, Burson-Marsteller, +1 (617) 912-5412, firstname.lastname@example.org, EDT
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