Audit Universe contains audit entities which can be classified as business units, lines of professional or branches. Audit entities state the audit planning approach and these can be linked to Process Control and Risk Management to find risks, controls, etc.
Let us now understand how to create an auditable entity.
Step 1 − Go to /nab option at the top to open Work Centers
Step 2 − In SAP Net Weaver Business Client, go to IAM Work Center.
Step 3 − Navigate to Internal Audit Management → Audit Universe
Step 4 − Click on Create button and go to General tab.
Step 5 − Enter the behind information for auditable entity −
Step 6 − Go to Audit Plan tab to view audit proposals and audit plan proposals with the transfer date.
Step 7 − Select the attachments and links tab to add any type of files or links.
Step 8 − When you enter the essential details, you can choice from the following options −
Audit Risk rating is used to explain the criteria for an organization to find risk rating and launch ranking for risk rating. Each auditable entity is rated as per organization opinion in ARR. You can use ARR to perform the following functions −
Let us now recognize the steps to create an Audit Risk Rating
Step 1 − In SAP Net Weaver Business Client, go to IAM Work Center.
Step 2 − Navigate to Internal Audit Management → Audit Risk Rating → Create
Step 3 − In General tab, enter the following specifics −
Step 4 − Go to Auditable Entities and click Add button to choose from auditable entities
Step 5 − Go to Risk Factor tab, and select ARR risk factor. Select Add to add a risk factor → OK.
Step 6 − Go to Risk Scores tab, choice entity and input risk totals on risk factor table.
Click Calculate button to view average total. Go to Risk level and risk import column to enter the information.
Go to Audit Plan Proposal tab, to confirm that you are constructing an audit design application. Choice transfer to create an excel spreadsheet to accepting information in table form for your ARR.
Choice Save button to save audit risk rating for auditable object.
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