- July 1, 2020
- Posted by: dawgenglobal
- Categories: Accounting and Consulting Firms, Advisory, Audit
Factory Audits are often conducted by companies to confirm whether the supplier is delivering the supplied goods per agreed upon terms and standards (e.g. quality, safety, ethical, environmental, etc.). This has become an important undertaking for companies to continually ensure that it consistently meets its quality and performance standards.
In a time where there is global competitiveness coupled with a disruptive economy, the importance of strengthening
the Supply Chain has become a factor for survival and sustainability.
To further help companies that outsource production, new Factory Audit processes have been undertaken to evaluate
supplier performance in more depth. Digital Audits is a new type of audit system that digitizes the process. It is transforming on on-site facility inspection programs and increasing the effectiveness of Factory Audits as a risk management tool.
This article provides companies a tactical and strategic perspective of Factory Audits and the urgency of transitioning into Digital Audits. Of importance is a good understanding of the 6 types of Factory Audits . Get more Insights here