ABSTRACT
Benchmarking is the process of searching for the best performance by comparing business operations, processes, activities, and metrics in a particular organization, with a competitor or in an entire industry. Benchmarking allows internal auditors to add value by going beyond verifying compliance with existing policies and procedures. The process of benchmarking usually involves identifying the best organizations in the industry, or another industry with similar processes, and comparing the results to one's own. While benchmarking can be done as an isolated event, it is best if treated as a continuous practice within an overall process of improving performance. Benchmarking can be done to identify and compare results related to costs, efficiencies, and productivity as a way to improve back-office operating areas and processes. Benchmarking consists of making a comparison with other business operations or organizations. It typically includes quantitative, qualitative, time, and cost metrics.
