Control Self-Assessment: Audits in Retail

Skills and Scale
Control Self-Assessment: Audits in Retail

According to the 2003 National Retail Security Survey, produced by Richard Hollinger at the University of Florida, retailers in the United States lost approximately $33.6 billion as a result of inventory shrinkage. Additionally, in the wake of recent government regulations, particularly the Sarbanes-Oxley Act of 2002, the emphasis on internal controls compliance and documentation is here to stay. An increased attention  to governance, compliance and risk management has led many retailers to implement a store compliance process in order to properly monitor the identification of issues and resulting remediation. Whether it's reducing shrink or complying with Sarbanes-Oxley, a rigorous store-level compliance process is key in protecting and substantiating company assets and reporting processes. An effective store compliance process can be properly achieved through two methodologies: traditional store audits and store self-assessment. are we bored yet?

 

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