---
sourceDocument: Australia Asset Management
sourceDocumentLink: https://www.servicenow.com/docs/r/australia/it-asset-management

 Release :

    - australia

ft:locale :

    - en-US

ft:publication_title :

    - Australia Asset Management

ft:clusterId :

    - itam

bundleId :

    - itam

workflow :

    - Technology


---

# Explore

# Exploring Asset Audit Response {#ariaid-title1}

Release version: Australia  
Updated March 12, 2026  
![](https://www.servicenow.com/docs/portal-asset/ico-clock) 2 minutes to read
Summarize  
![AI sparkle icon](https://servicenow.com/docs/portal-asset/ai-sparkle-icon) Summarized using AI  
This content was generated using new OpenAI-powered functionality. Results are provided on an as is basis and are not guaranteed to be accurate or complete.  

## Summary of Exploring Asset Audit Response

The Asset Audit Response application helps ServiceNow customers efficiently manage financial regulatory audits and compliance processes.
It provides two main workspaces: the Asset Governance Workspace and the Audit Workspace.
These enable organizations to plan, track, and respond to audit engagements and evidence requests, ensuring regulatory risks and compliance issues are addressed proactively before audit failures occur.
The application supports a guided experience for responding to evidence requests and incorporates regulatory content data to improve response accuracy.
Show full answer Show less  

## Key Users

* **Audit Managers:** Responsible for creating, tracking, and managing audit engagements and evidence requests to assess organizational compliance.
* **Asset Managers:** Manage the asset lifecycle, fulfill evidence requests, collect supporting data, monitor progress, and resolve remediation tasks.

## Asset Audit Response Workflow

The workflow includes the following steps:

* An audit letter is received from a financial regulatory agency.
* Audit managers create an engagement and evidence requests in the Audit Workspace.
* Evidence requests are assigned to asset managers in the Asset Governance Workspace.
* Asset managers review, accept, and initiate evidence collection by creating evidence records and assigning them to asset team members.
* Asset team members collect evidence while asset managers monitor progress.
* Remediation tasks are generated automatically based on predefined rules to address data gaps; asset managers resolve or defer these tasks.
* Collected evidence is reviewed, approved, and submitted back to audit managers.
* Audit managers complete the audit by reviewing evidence and reporting to the regulatory agency.

## Benefits

* **Audit Workspace:** Enables audit managers to create and manage regulatory audit engagements and evidence requests.
* **Asset Governance Workspace:** Allows asset managers to track and manage responses to evidence requests.
* **Asset Response Guided Experience:** Facilitates asset managers in efficiently fulfilling evidence requests.

**Note:** Access to features, AI capabilities, and workflows depends on your ServiceNow licensing tier.

## Next Steps

ServiceNow customers can deepen their understanding and implementation of Asset Audit Response by exploring configuration guides and usage instructions on managing engagements, requesting evidence, and fulfilling evidence requests.  
Learn more about the Asset Audit Response application by reviewing the workflow and understanding the benefits that it can provide to your organization.

## Asset Audit Response overview {#exploring-asset-audit-response__cf-exploring-parent-overview}

The Asset Audit Response application provides an Asset Governance Workspace and an Audit Workspace where you can manage your financial regulatory audits, request evidence for these audits, respond to these requests through a guided experience, and access regulatory content data to help drive more
efficient and accurate responses to these requests. With the Asset Audit Response application, you can plan for and resolve regulatory risks and compliance issues before they lead to audit failures.

## Asset Audit Response users {#exploring-asset-audit-response__cf-exploring-parent-users}

{#exploring-asset-audit-response__table_e4j_3zp_2fc__entry__2}

| User | Description |
|-|-|
| Audit managers | Audit managers oversee the auditing process within an organization. They can create, track, and manage audit engagements and evidence requests to assess their organization's compliance with laws, regulations, policies, or standards. |
| Asset managers | Asset managers oversee the end-to-end life cycle of each asset within an organization. They can fulfill evidence requests for audit engagements. |
[Table 1. Users]

{#exploring-asset-audit-response__table_e4j_3zp_2fc}

## Asset Audit Response workflow {#exploring-asset-audit-response__cf-exploring-parent-workflow}

The following section describes the steps that are involved in the Asset Audit Response workflow.  
1. An organization receives an audit letter from a financial regulatory agency, such as the Federal Financial Institutions Examination Council (FFIEC).
2. In the Audit Workspace, the audit manager creates an engagement to scope, plan, and conduct the requested audit.
3. The audit manager then creates a corresponding evidence request to obtain supporting information and data that can help with completing the engagement.
4. The evidence request is assigned and submitted to the asset manager.
5. In the Asset Governance Workspace, the asset manager reviews and accepts the evidence request.
6. The asset manager then initiates the evidence collection process by creating the relevant evidence records and assigning them to the appropriate asset team members. Each evidence record corresponds with a set of supporting information or data that the asset manager wants to collect and submit for the evidence request.
7. The asset manager can also define remediation rules to identify data gaps that are discovered during the evidence collection process.
8. Each asset team member begins collecting evidence, as defined in their assigned evidence records.
9. While each asset team member is collecting evidence, the asset manager can track and monitor the progress of the evidence collection.
10. After the evidence is collected, remediation tasks are automatically generated based on the remediation rules that the asset manager defined. The asset manager can choose to resolve or defer the remediation tasks.
11. The asset manager reviews and approves the collected evidence.
12. The asset manager submits the approved evidence to the audit manager for final review.
13. In the Audit Workspace, the audit manager reviews and accepts the submitted evidence.
14. The audit manager reports these findings to the financial regulatory agency to complete the audit engagement.
{#exploring-asset-audit-response__cf-exploring-parent-workflow-ol}

## Asset Audit Response benefits {#exploring-asset-audit-response__cf-exploring-parent-benefits}

{#exploring-asset-audit-response__table_h4j_3zp_2fc__entry__3}

| Benefit | Feature | User |
|-|-|-|
| Create and manage financial regulatory audit engagements and corresponding evidence requests. | [Audit Workspace](https://www.servicenow.com/docs/~bgbRD3lIGjcw9XBoq5ZlQ "If you are an audit manager, you can use the Audit Workspace to track and manage your financial regulatory audit engagements and corresponding evidence requests.") | Audit managers |
| Track and manage responses to evidence requests for your financial regulatory audits. | [Asset Governance Workspace](https://www.servicenow.com/docs/AuAZHcLUkEs_dBdYwuU1gQ "If you are an asset manager, you can use the Asset Governance Workspace to get a comprehensive view of your assigned evidence requests and to track and manage your responses to those requests.") | Asset managers |
| Fulfill evidence requests for your financial regulatory audits. | [Asset Response Guided Experience](https://www.servicenow.com/docs/ktsyVOyp6sIz~haMfZ4JnQ "Use the Asset Response Guided Experience to fulfill and respond to evidence requests for financial regulatory audit engagements.") | Asset managers |
[Table 2. Asset Audit Response benefits]

{#exploring-asset-audit-response__table_h4j_3zp_2fc}  
Note:  
Depending on your license, you will have access to certain application features, generative AI skills, agentic workflows, and AI agents. For more information, see [ServiceNow product tiers](https://www.servicenow.com/docs/access?context=ai-native-sku-overview&version=australia&pubname=australia-intelligent-experiences&ft:locale=en-US).

## What to explore next {#exploring-asset-audit-response__cf-exploring-parent-links}

To learn more about configuring and using Asset Audit Response, see:

* [Configuring Asset Audit Response](https://www.servicenow.com/docs/IDohZJ7Qxj6BHn3pFtlmXg "Configure the Asset Audit Response application so that you can track and manage your financial regulatory audit engagements, evidence requests, and responses to those requests.")
* [Managing engagements for financial regulatory audits](https://www.servicenow.com/docs/VIdA0jnWRr3ooq7dbkG~Og "If you are an audit manager, you can create and manage engagements for your financial regulatory audits in the Audit Workspace.")
* [Requesting evidence for financial regulatory audit engagements](https://www.servicenow.com/docs/OP5uFVpFLyZZ7RnUBtmpiw "If you are an audit manager, you can request evidence for your financial regulatory audit engagements in the Audit Workspace.")
* [Fulfilling evidence requests for financial regulatory audit engagements](https://www.servicenow.com/docs/08eLgMmAhKuGlDY2wvmT1w "If you are an asset manager, you can fulfill evidence requests for financial regulatory audit engagements in the Asset Governance Workspace.")
* [Asset Audit Response reference](https://www.servicenow.com/docs/Ck6RR4zhl4GN4tNDgK~0PQ "Reference topics provide additional information about the Asset Audit Response application.")
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