Audit & Compliance
Our audit & compliance services are managed by using effective processes and knowledge from robust compliance processes in order to keep pace with all regulatory changes,modify processes as needed to ensure your QMS is up to date.
What is a Compliance Audit?
A compliance audit is a formal check of a business’s procedures and operations mainly focusing on whether the business is complying with regulations, policies, decisions, and procedures. An audit report will cover the strength of compliance preparations, security policies, risk management processes during the audit.
Compliance audits are formal evaluations or assessments of a business’s adherence to regulatory requirements. Compliance audits are conducted by independent audit practitioners, and most have the following characteristics:
- Based on regulatory requirements issued by the governing institute.
- Evaluates an company’s position on the guidance and requirements of the target compliance regulation.
- Managed by an independent or third-party auditor in accordance with regulation.
- Results, similar to a report, an assessment, or an audit opinion.
During a compliance audit, businesses should expect to attend meetings about internal controls. An independent Auditors must meet their own standards, establishing good judgment and professional standards with the aim of reaching “reasonable assurance” that an business is conducting the activities stipulated by regulation.
What is the purpose of a Compliance Audit?
A compliance audit observes and assesses how well a business adheres to internal rules and regulations, standards, and even codes of conduct. An audit also checks the effectiveness of an business’s internal controls using different types of audits. Outside bodies such as regulatory bodies conduct compliance audits to assess a business’s adherence to regulations governing that industry.
Internal Audits: Internal audits enable a business to follow procedures and guidelines. A compliance audit ensures that the business is fulfilling its obligations such as agreements, rules and regulations, or standards. Internal audits may be financial, operational, IT, or regulatory, but are professionally conducted using formal audit approaches prior to an outside compliance audit to ensure that the business is following the standards.
Compliance Audits: Compliance audits are different from internal audits. Compliance audits are outward-facing, ensuring that the company complies with regulations or codes of conduct. Both internal and compliance audit functions share the same language and even software to make sure that reviews are holistic.
Operational Audits: Operational audits identify how effective and efficient various departments and activities are and whether these areas operate in line with the mission and purpose of the organization
Internal Policy
At Lloyd bowmaker we agree the process with the client and step you through what will actually happen. During the audit there may be a need for clarification on some financial movements and queries relating to same. A final meeting with Directors/CFO/Management team will take place to fundamentally run through the findings and the possible improvements that maybe required going forward with the compliance and company’s best interest in mind.