What is third party audit?
A third-party audit is performed by an audit organization independent of the customer-supplier relationship and is free of any conflict of interest. Independence of the audit organization is a key component of a third-party audit.
Why do we need a third-party audit?
Knowledge and Validation: Third-party audit companies have the benefit of a client base and extensive training. Therefore, they have the advantage to conduct compliance audits in multiple environments. While audits are inherently unique to each organization. There are a series of best practices that can be shared among the group of clients, which only services to strengthen each individual audit program.
Lower business risk: The third-party auditors by certification help to get an objective assessment of the level of compliance. This not only reduces strain on senior management’s time but also acts as a door keeper for many potential problems thereby lowering business risk.