A compliance audit is a comprehensive review of an organization’s adherence to regulatory guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations, security policies, user access controls, and risk management procedures over the course of a compliance audit.
Importance of compliance auditing
Compliance auditing, either internal or external, can help a company identify weaknesses in regulatory compliance processes and create paths for improvement. In some cases, guidance provided by a compliance audit can help reduce risk, while also avoiding potential legal trouble or federal fines for noncompliance.
Much like the laws that drive them, compliance programs are in a constant state of flux as existing regulations evolve and new ones are implemented. Compliance auditing provides an outline of internal business processes that can be changed or improved as regulations and requirements change.
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