What solution is suggested for improving third-party auditing standards?

Leveraging existing auditing frameworks is a suggested solution for improving third-party auditing standards because these frameworks provide established guidelines and best practices that can enhance the integrity, consistency, and transparency of the auditing process. Utilizing existing frameworks allows organizations to benefit from the cumulative knowledge and experiences derived from previous audits, ensuring that any evaluation is comprehensive and up to date with industry standards.

Existing frameworks also provide a shared language and structure that auditors can use across different organizations and sectors. This consistency can help in benchmarking and comparing audit results, which is valuable for stakeholders looking to ensure compliance and risk management within their supply chains or service providers.

In contrast, reducing focus on independence in audits could compromise the objectivity of auditors and lead to biased evaluations, while eliminating the need for certifications might decrease the trust stakeholders have in the auditing process. Focusing solely on retrospective audits may fail to address current and future risks effectively, limiting the value of the auditing process to inform decision-making. Hence, leveraging existing frameworks is a proactive approach to fortifying third-party auditing standards.