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Compliance Audit

Overview

A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Independent accounting, security or IT consultants evaluate the strength and thoroughness of compliance preparations. Auditors review security polices, user access controls and risk management procedures over the course of a compliance audit.

Compliance audits can be required for a variety of reasons. A business may be frequently audited if it has broken laws in the past. It could be also be an occasional audit to make sure the business is on the up and up.

Features

  • Compliance audit promotes transparency by providing reliable reports as to whether funds have been administered, management exercised and citizens rights to due process honoured as required by the applicable authorities.
  • It promotes accountability by reporting deviations from and violations of authorities, so that corrective action may be taken and those accountable may be held responsible for their actions.
  • It promotes good governance both by identifying weaknesses and deviations from laws and regulations and by assessing propriety where there are insufficient or inadequate laws and regulations.
  • Fraud and corruption are, by their very nature, elements which counteract transparency, accountability and good stewardship.

Process

  • Establishing a culture of compliance starts with communication, but relies on expectation of integrity and accountability
  • Find out where the gaps and vulnerabilities lie.
  • Be proactive, make a plan and get ahead of possible issues before they become threats.
  • Prepare participants who will meet with auditors and know your evidence: Documents and records.
  • Make all stakeholders aware of compliance expectations.
  • Audit methods may involve interviews, inspections, observation, testing and sampling.
  • Schedule the audits to meet business needs with respect to relevance, degree of risk, process stability, prior issues, regulatory requirements, organizational realignment and infusion of new talent.
  • Create a nonthreatening environment for both auditors and associates alike and talk with those handling the business ahead of time.
  • Creating checks and balances for vulnerabilities and measuring key goals and strategic initiatives to monitor achievement and progress.

Benefits

  • Be assured that the plan is receiving the proper amount of employer contributions
  • Determine whether the plan has accurate and complete participant data used to determine eligibility and provide benefits
  • Convey to employers that the trustees are monitoring contributions
  • Avoid a qualified opinion on the plan's financial statements.


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