Overall Satisfaction with SAP Audit Management
SAP Audit Management is being used to drive a unified audit management function throughout the organization. One of the benefits of this software is that its design and functionality is particularly geared towards unifying disparate departments and functions towards to common goal of a well-managed, efficient internal control and financial statement audit.
- Maintains organizational focus on critical business issues
- Leverages technology to improve internal audit effectiveness
- Facilities effective management of audit resources
- Advances trusted advisor relationships with stakeholders
- Currently an integrated solution - would prefer to see a continuous solution
- Limited predictive audit functionality
- The big data functionality is more marketing than reality
- Lowered external audit fees by 12% per year for three years (compounded efficiencies)
- Reduced headcount in global internal audit function by 8% (occurred while growing the international internal audit function)
- Improved morale during preparation and execution of audit procedures
I wouldn't say there is a true peer to SAP Audit Management currently available on the market. SAP Audit Management is the only software that is. It is designed by and developed for audit practitioners across the world. Further, the software unlocks the disparate information for Internal Audit departments and supports audit experts in their day-to-day activities with an easy to use. collaborative, and risk-based approach towards audit procedures.
SAP Audit Management is the absolute best software available for large, multi-national companies that have dedicated internal audit resources. Further, due to the implementation costs, I would only recommend a company to be serious about purchasing this software if external audit expenses were upwards of $2 million per annum. Also, better suited for an organization that already has solid audit procedures in place but wants to integrate them and increase audit efficiency. A company starting from scratch would not value this particular software as much because integration becomes less important in that scenario.