Description

Benchmarking – Excel Template for Audit Reviews

An Excel-based Benchmarking Matrix designed to compare organizational metrics against industry, internal, or best-in-class standards. Includes fields for KPIs, benchmarks, actual results, gaps, root causes, implications, recommendations, and accountability details. … for documenting performance variances and supporting audit evaluation and reporting.

Food for Thought:
Benchmarking is a powerful audit technique that compares an organization’s performance metrics to industry standards or peers. It helps auditors identify performance gaps, inefficiencies, or best practices worth adopting. Internal audit uses benchmarking during the evaluation and conclusion phase to provide data-driven insights that go beyond compliance—highlighting opportunities for strategic improvement. Benchmarks can be internal (year-on-year), functional (within the same industry), or best-in-class (across industries).