This post explains the basics of Auditing in Oracle Access Manager 11g and also explains the run time events you can audit by enabling auditing in Oracle Access Manager 11g.
By enabling the auditing in Oracle Access manager you can track the user events like user authentication (authentication attempt, authentication success, authentication failure etc.) and authorization events (authorization success, failure etc.) Also you can track the Administrative events also by enabling auditing in Oracle Access Manager. For more details related to the OAM events that can be audited, please check the oracle documentation link here.
Oracle Access manager use the Oracle Fusion Middle ware Common Audit Framework to support auditing.
The OAM Audit information can be copied to Database or flat files. For Production environments, Oracle recommends to use database to store the audit data.
While running the RCU for OAM environment, you can select the Audit schema if you want to store the audit information in the database. If this option is not selected and schema is not created, create the schema by running the RCU. You need to select Audit Services component in RCU to create the required schema for OAM auditing as shown below. This will create the required schema <pre-fix>_IAU for auditing.
The tables OAM and IAU_BASE will be created to store the OAM audit information.