Whenever my organisation goes through an audit period, where external auditors come to review our activities, it is usually very intense in the sense that they tend to pick out even the tiniest bit of infractions and note them as exceptions. I understand the need for such an exercise and embrace the culture, but it isn't an activity I particularly enjoy. Truth be told, I'll rather pass on such an exercise if given a choice.
Yet if we are given the opportunity to audit ourselves rather than inviting outsiders, we probably won't participate, or won't take it seriously. This is simply human nature at play, as there is always the tendency to slack off on our responsibilities when we're not being watched. A thorough self audit exercise however provides an avenue for us to get things right and do things our way without the external pressure of a third party. My organization actually demands that we do a self audit every quarter, but it isn't something that gets the seriousness it deserves.
It flows to several areas of our lives. Introspection and deep reflection can make a World of difference on the way we tend to do things. Many of us tend to give up rather easily and allow ourselves to be tossed from one side to the other until a third party, or an external wave comes and shakes us up. The idea of a self audit may be a stressful and annoying one the way my company does it, but frankly I see the need and in more than just one area.