Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects simply to a non-technical, business audience. Over…
A compliance audit is a process of comprehensive reviews that focus on an organization’s commitment to a set of regulatory guidelines or its adherence to a specific contract or terms of agreement.
The entity doing the audit may differ according to the nature of the organization and the scope of the audit. It might be done by a public account if finance and assets are concerned, a security expert for security-related compliance audits, or IT consultants for IT infrastructure and other related compliance audits.
A compliance audit will usually be conducted by public accounting firms and certified public accountants are assigned to the case.
Before the audit begins, the auditors will meet with both parties listed in the contract and agreement and the accountants or auditors are given specific instructions or guidelines on what aspects they should check during the compliance audit.
Upon completion of the audit, the auditors will again meet with the involved parties to discuss their findings. Another type of compliance audit is an internal audit which is done to check if the employees and various constituents of the organization are following the standard operating procedures of the organization.
These procedures are in place to ensure that all goods and services being provided by the company meet the same standards. These internal audits are usually for the benefit of the company to help management make intelligent decisions.
Techopedia’s editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Margaret Rouse is an award-winning technical writer and teacher known for her ability to explain complex technical subjects to a non-technical, business audience. Over the past twenty years her explanations have appeared on TechTarget websites and she's been cited as an authority in articles by the New York Times, Time Magazine, USA Today, ZDNet, PC Magazine and Discovery Magazine.Margaret's idea of a fun day is helping IT and business professionals learn to speak each other’s highly specialized languages. If you have a suggestion for a new definition or how to improve a technical explanation, please email Margaret or contact her…
What is Earned Income Tax Credit? Earned Income Tax Credit (EITC) is a refundable tax credit awarded to workers and...
Aleksandar StevanovicSoftware Reviews Expert
What is a Standard Operating Procedure (SOP)? An SOP, which stands for Standard Operating Procedure, is a document that outlines...
Marshall GunnellTechnology Writer
What Are Payroll Deductions? Payroll deductions represent the amounts withheld from an employee's earnings for taxes, garnishments, benefits, and other...
Trending NewsLatest GuidesReviewsTerm of the Day