The reports don't have to each be audited... reduce the auditing to twice a year, increase reporting to monthly... if your report requires remediation, you her bumped to quarterly audits
The company would probably be sued if there were any issues in one of the monthly reports; the money for the plaintiff lawyers is just too appealing. I think monthly 'informal' reports with some legal protections to allow for inaccuracies and inconsistencies, with biennial 'formal' reports would be wonderful. That said, I think allowing companies to select an appropriate reporting interval might be best.
The company would probably be sued if there were any issues in one of the monthly reports; the money for the plaintiff lawyers is just too appealing. I think monthly 'informal' reports with some legal protections to allow for inaccuracies and inconsistencies, with biennial 'formal' reports would be wonderful. That said, I think allowing companies to select an appropriate reporting interval might be best.