Internal audits could help identify inefficiencies, inaccuracies

A recent study by information management company Iron Mountain found that 90 percent of the 5,500 company records managers surveyed believed their businesses to be inefficient.

This is thought to be partially due to the fact that more than half of the respondents reported never experiencing what the survey termed as a trigger event – an audit, lawsuit or similar action that would prompt an overhaul of information management processes.

Despite the fact that three-quarters of respondents reported personally managing records and information, only 35 percent said they believed their program was being used organization-wide. This indicates that even if efficient processes do exist, they are unlikely to be replicated throughout the company.

In a recent article for the Times Herald-Record, Charlene Maurer Finerty of business plan writing service Plans and Profits recommended conducting thorough audits as a way to consolidate business processes. For example, routine internal accounts payable audits can identify billing inconsistencies that can be rectified before outside investigators come in. 

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