Evidence shows audits are taking longer, consuming more internal resources and seemingly forever rising in cost. 80% of companies with more than 1,000 employees endure’ audits of between 1-6 months duration and 57% have seen audits increase in cost by between 5% and >20%.
This sets a scene where the legal obligation to conduct the annual audit can act to disrupt the to-be-audited organization’s ability to do business – while costing evermore. This is not a positive situation and begs two questions:
- Are there practical ways to reduce the burden on the audited of external audits?
- Is it possible to contain audit costs – or even reduce them – while still satisfying regulatory obligations?