A compliance audit is a crucial process to evaluate and ascertain a company or entity’s adherence to compliance and regulatory guidelines. An audit is meant to report on the strengths and weaknesses of an entity.
There are many different types of compliance audits but some of the most well-known relate to:
Regulations can change quickly and keeping up with all the new guidelines and rules can be tough for any business.
Compliance and scope of an audit can vary at the city, state, or federal level.
Compliance audits can be managed in-house, but it is usually the best practice to bring in an external party for a neutral audit and view.