compliance audit

Definition

A comprehensive review of some aspect of the internal operations of a company that requires certification by a regulatory body to verify that it is in compliance with mandatory guidelines. Compliance audit procedures may be conducted internally, but are usually facilitated by the certifying organization. A company may require several compliance audits to review regulatory adherence in multiple departments, such as finance, IT, manufacturing, human resources, and, in the case of certain types of financial firms, marketing and sales.

Use compliance audit in a sentence

Our human resources department recently conducted a compliance audit of I-9s on file at branch locations to assure governmental standards were adhered to.

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Everyone in the accounting department has been on edge all week, after the latest compliance audit turned up several irregularities in the handling of the expense reports.

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As a result of the forthcoming Compliance Audit, the underwriting department began to assemble so analytics and samples of all the work that they had done in the past quarter. They particularly focused on areas like policies/procedures, as well as approve/decline rates.

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