Innovation is when ideas are practically implemented to realize or redistribute value. It could lead to new production methods, new goods and services, or the optimization of processes to achieve higher-levels of efficiency.
Audits can be disruptors to systems, processes, policies and overall to businesses leading to regeneration and implementation of ideas.
Audits rely fully on data, they focus on data analysis and visualization to give assurance to say financial records, systems and activities. The ripple effect to this is a better understanding of the business. The management, using auditors reports can identify the effectiveness of systems and activities, identify areas where more controls are required and what kind of controls could work. These reports could offer an objective advice in areas of risk management, organizational development, business controls and compliance.
Resultantly, businesses gain insight into areas they need to improve to stay true to their goals and objectives. The need to improve is a strong catalyst to innovation.