White Papers - Industries
 
 

Control Self-Assessment: The Future of Store Audits in Retail Stores

 
 

 
 

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, the emphasis on internal controls compliance and documentation is here to stay.  This 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.  

A rigorous store-level compliance process plays a key role in protecting and substantiating company assets and reporting processes.  This paper discusses how an effective store compliance process can be properly achieved through two methodologies: traditional store audits and store self-assessment.

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