Audits are a part of business. Companies sponsor internal audits. Companies are audited by many other parties, including ISO certifiers and the financial auditors. Financial auditors are moving beyond the financial statements, and into Sustainability reports and Sustainability/ ESG disclosures. External parties sponsor audits – insurance companies, customers, landlords, etc. Regulatory inspections and other investigations are a type of audit. Audits can be commissioned – such as by government entities – to establish a baseline, or to serve as an impetus for new regulations or enforcement.

“Audit fatigue” has been a common complaint for years. An audit gone wrong is even worse. Companies unwittingly open the door to expanded scope. Companies may be forced to argue findings, re-do audits, or take actions (and spend money and valuable resources) on trivial or incorrect audit findings. They can lose competitive advantage in customer relationships, or incur fines or penalties.

When the stakes are high, it’s essential to be ready. You can leverage the readiness effort for more efficient and effective operations, compliance, and risk management.