Reduce Your Audit Tax

This audit tax burden manifests itself in a number of ways. Organizations pay it when they divert personnel and manpower to prepare for audits and liaise with internal and external auditors. They pay the tax when they hire expensive external consultants to assist in the effort. Some pay the audit tax in the extra time spent by auditors sifting through missing information and undergoing a second audit after a failed first attempt.

Even though no organization can completely sidestep the audit tax, it is possible to pay less than the competition. Management must apply the old ”Work Smarter, Not Harder” philosophy to compliance efforts to cut down on compliance costs and reap the greatest security benefit for the money invested.

The following five methods in our report offer a good start toward reducing the business audit tax to a manageable line item.