An ethics audit involves systematically evaluating an organization's ethics program and performance to determine its effectiveness. It helps identify the firm's current ethical standards, policies, and risk areas. Benefits include identifying potential risks and liabilities, improving compliance, and strengthening stakeholder relationships. The auditing process involves securing management commitment, establishing an oversight committee, defining the audit scope, collecting and analyzing information, verifying results, and reporting findings. Regular ethics audits can benchmark program effectiveness and demonstrate how ethics impact business performance.