ABSTRACT
Benchmarking is a continuous search for and implementation of best practices and Excellence. This chapter discusses benchmarking as an essential management tool in every profession and organisation. It describes the steps in a formal benchmarking process and how these can and should be used by all auditors, continuous improvement, innovation and Excellence in the quality of their audit processes and recommendations for Excellence in corporate governance, risk management and control in the organisations in which they provide services. Formal benchmarking requires a measurement of gaps between what is and what is considered to be better or best. In all benchmarking measures, it is useful to develop a qualitative scale. However, qualitative measures are rarely sufficient in benchmarking. Benchmarking has been a tool of the auditor since the earliest forms of auditing and certainly since the beginning of the 20th century. Benchmarking is an important part of improvements in governance, not just across industry sectors and nations but internationally as well.
