BENEFITS OF COMPLIANCE AUDIT TO AN ORGANIZATION
A compliance Audit is defined as a formal review that is used to determine whether or not a company is performing its operations in accordance with a contract agreement. These audits usually focus on the operations of a company or a business, while financial audits, review the company’s compliance with the financial regulations such as the national accounting standards.
Compliance audits are used to achieve the following objectives:
- Maintaining the integrity of the regulatory system administered by DEC, ie, legislation, licenses, notices, and consents.
- Ensuring credible and robust regulation.
- Improving compliance with legislative requirements.
Through Compliance Audit, the management will quickly identify the issues of the company that needs to be addressed. Instead of spending time on Benchmarking, compliance audit plus self-assessments is better for solving the concerns of the company.
Having a compliance audit program performed each year will enable the management to identify and manage program priorities, learn potential weaknesses, and develop a consistent process.
Another benefit is those relevant findings can be addressed immediately. Compliance reviews can be focused on specific geographic operations or functions such as third-party due diligence and contracting.
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