To maintain order in their internal structure, businesses establish sets of rules that their employees must follow. They choose to commission audits to learn whether these rules are being followed, and it is beneficial for such audits to be carried out by external, independent auditors. Our aim in a compliance audit is to determine the degree to which those applying the rules comply with requirements of form or rules of conduct set by a particular authority.
If, in the company,
- there are doubts as to whether internal guidelines are being followed,
- there is a wish to learn whether the internal guidelines fully meet the needs of the business,
- there is a question as to whether tax, incentive, customs, social security and similar practices comply with the applicable legal regulations,
a compliance audit is needed.
As a result of a compliance audit, full compliance with internal guidelines and legal requirements is achieved.
The stages of a compliance audit can be listed as follows:
- All operating processes of the business are identified.
- The internal control procedures of the business relating to these processes are obtained.
- The processes of the business are observed, re-performed and examined.
- Internal control practices are identified.
- Procedures applied unnecessarily in the business are identified.
- Internal control weaknesses of the business are identified.
- A management letter is prepared.