The business world is facing unpresented change as the need to address commercial, environmental, and stakeholder expectations intensifies. Businesses and the standard industry are having to adapt, align to perform to meet the challenges and traditional auditing methods are struggling to achieve this.
The obstacles facing the auditing and third-party industry include:
- limited sample size
- human error including inconsistent analysis of evidence and reporting
- traditional auditing using backward looking data, with no predictive data analytics
- no measurements of people’s behaviors or their impact on, or risk to, compliance and business performance
- poor insight as to how and where improvements, efficiency and effectiveness can be driven.
However, it is not only internal audit that must change to meet this challenge, so does third party certification.
The challenges facing the auditing industry are significant, but the opportunities are also great. By embracing a new science base and a blended approach, the industry can meet the challenges of the business world and provide a valuable service to organizations of all sizes.
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