Compliance Audit Checklist

The main objective of a compliance audit is to ensure the internal and financial controls and reporting adheres to laws, regulations, policies, or procedures accepted in auditing.  A Compliance audits can be done internally, externally, or by a government agency to ensure the company’s adherence to auditing standards.

Companies sometimes elect to undergo audits by internal or external auditors to ensure compliance. Government agencies also have a responsibility to audit for compliance. The type of records audited varies depending on the laws, regulations, or policies and procedures being audited. Irrespective of the situation, there is common ground to every audit that will help prepare a compliance audit checklist.

The Audit Period

At the beginning of an audit the company will be notified of the audit period. This is extremely important because it indicates the time frame of records that will be reviewed.

The Records Required

Before the audit begins, the auditor will also explain in detail exactly what records will be reviewed. Generally, the auditors are looking for documentation of what was reported.

Appeal Procedures

An auditor is required to provide the business with a copy of the working papers used to determine the audit findings. This is done in order to ensure that the working papers are fully understood. The auditor is also responsible for providing procedures to appeal their findings to another responsible authority.

If you think your business needs an audit to ensure its compliance with audit regulations and standards, contact KVS Accountants on 020 7731 6131 or email us at KVS function as Chartered Certified Accountants and Registered Auditors in Clapham, West Kensington, Richmond, Chiswick, Holland Park, East Sheen, Clapham South and Notting Hill


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