What is internal auditing in SAP GRC-AUD - SAP Audit Management?

SAP Term: internal auditing

• Component: GRC-AUD

• Component Name: SAP Audit Management

• Description: An independent, objective assurance and consulting activity designed to improve and add value to an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance process. Definition taken from: https://global.theiia.org/standards-guidance/Public%20Documents/ IPPF%202013%20German.pdf

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• Key Concepts: 
  Internal auditing is a process used to evaluate the effectiveness of an organization's internal controls, risk management, and governance processes. It is conducted by an internal audit team, which is independent of the organization's operational activities. The purpose of internal auditing is to provide assurance that the organization's operations are in compliance with applicable laws and regulations, as well as its own policies and procedures.
  
  How to use it: 
  The SAP Audit Management component of GRC-AUD provides a comprehensive set of tools for managing internal audits. It allows organizations to define audit plans, assign audit tasks, track progress, and report on results. It also provides a centralized repository for storing audit documents and evidence.
  
  Tips & Tricks: 
  When setting up an internal audit plan, it is important to consider the scope of the audit and the resources available. It is also important to ensure that the audit team has the necessary skills and experience to carry out the audit effectively.
  
  Related Information: 
  The SAP Audit Management component of GRC-AUD is part of the SAP Governance, Risk, and Compliance (GRC) suite of products. It can be used in conjunction with other GRC components such as Access Control and Process Control to provide a comprehensive view of an organization's risk management processes.