What is the Compliance Audit?
Compliance Audit (Audit Compliance Course Online) is a detailed review of loyalty of organisations to comply with rules and regulations including statutory and domestic rules, regulations, policies and procedures governed by government, local authorities and management by the evaluation of compliance procedures, security policies, access control for users, risk management and company policy, process and process This is a sort of audit service which focuses on the company's compliance with statutory legislation, local law, domestic and organisational norms and decisions, as appropriate.
The objective of an audit is to examine whether or not the compliance programme of the business is successful and to detect non-compliance before management and the government/tax authorities.
- To guarantee that a firm follows the standards and its own internal rules of government regulatory authorities.
- To increase the efficiency of the company in the business environment.
- To maintain stakeholders' confidence.
- To comply with other additional legislation such as environmental legislation, consumer safety legislation, etc.
- To verify standard operating procedure the entire organisation has been followed.
If you want to learn more about Auditing, you may consider taking courses offered by Coursera –
- Auditing I: Conceptual Foundations of Auditing
- Auditing II: The Practice of Auditing
Compliance Audit Process
The process from the perspective of each of them are:
#1 – For Organization
- Identify the need and extent of the audit.
- Select the Auditor
- / team to perform, verify the Auditor/Team meet the qualification criteria for conducting an audit.
- Coordinate with the auditor with all requirements and information asked for.
#2 – For Auditor
- List the applicable statutory laws of the entity.
- Get a list of internal rules, processes and compliance decisions of the firm.
- Engage expert team members in the CA task.
- Divide the distinct sections of the audit organisation. Prioritize the examination areas.
- Get a list of legislation relevant to the company and its status of compliance.
- Plan the audit, type, scope, timeframe and processes to be carried out. Build a checklist.
- Review the organization's method for compliance with regulations, internal rules and communication protocols.
- Review the report of the internal auditor, the tax/status audit reports, and the compliance audit report of the previous year.
- Conduct an audit to discuss failure to comply with the organisation's management.
- Propose ways of improving.
- American Institute of Certified Public Accountants for service providers that operate or process Prepare and submit audit reports to the appointing authority/management. Make sure all information is arranged in an easy way.
- SOC 2: This is characterised by cloud data.
- ISO 27001 (27000 Series): applicable to companies/organizations managing asset security, including employee or data from outside parties, financial information, and intellectual property.
- General Data Protection Regulation: applicable to companies/organizations processing European citizens' information.
- Sarbanes- Oxley: it applies to public businesses who issue IPOs to get financial and IT compliance audits.
- PCI Compliance Standards: It applies to credit card and payment businesses, such as dealers, financial institutions, and suppliers of payment solutions.
- HIPAA Compliance Regulation: It is applicable to the healthcare sector, such as hospitals and suppliers of medical services.
- FINRA: The investing sector is protected against possible U.S. Securities and Exchange Commission fraud, especially those who register as stockbrokers or broker-dealers.
- FISMA: It applies to governmental entities in the United States.
- Compulsory Compliance Audit: An organisation who wishes to do an audit may perform this by appointing an individual who can be an internal auditor or any other person who satisfies the standards of qualification.
Who does the Compliance Audit Perform?
- The internal auditor of the firm may do it.
- Sometimes external auditors can perform it relies on the management choice.
- For firms requiring a compulsory compliance audit, the person specified in this legislation does so.
- For compulsory firms, the individual who satisfies the qualifying standards can conduct the audit.
- Identify regulatory compliance vulnerabilities.
- Assist in reducing danger.
- Keep stakeholders' faith.
- Ensures compliance with all legislation.
- Failure to comply may be discovered and corrected.
Difference Between Compliance Audit and Financial Audit
- A financial audit is a review of financial accounts, and the review of laws and processes is an audit of compliance.
- Chartered accountant conducts financial audits, and CA may or may not do compliance audits.
- The financial audit covers financial data, while the compliance audit covers statutory and regulatory compliance.
- An independent financial auditor conducts a financial audit whereas a compliance audit is carried out by anybody who meets or cannot be independent from qualifying standards.
- It guarantees that legal norms and laws are complied with.
- It minimises the company's legal risk.
- This position improves the confidence of the general public in the firm.
- Ensures transparent reporting; helps to avoid the future costs of the firm.
- It ensures proper administration.
An independent assessment guarantees that the company complies with all rules and regulations, legislation or internal standards applicable to it. There are several forms of compliance audits for firms according to the requirements mentioned. This is crucial since non-compliance attracts penalties and penalties
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The full training schedules for the Audit Compliance Course can be seen HERE.
Audit Compliance Course Online | Compliance Training | Regulatory Compliance