A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines.
Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Violations of regulatory compliance regulations often result in legal punishment, including federal fines. 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. compliance. n. 1. the act of complying; acquiescence. 2. a disposition to yield to or comply with others. 3. (General Physics) a measure of the ability of a mechanical system to respond to an applied vibrating force, expressed as the reciprocal of the system's stiffness. Definition. Certification or confirmation that the doer of an action (such as the writer of an audit report), or the manufacturer or supplier of a product, meets the requirements of accepted practices, legislation, prescribed rules and regulations, specified standards, or the terms of a contract. See also conformance. GAAP compliance derives from tradition. In any report of your virtual accounting information (audit, compilation, review, etc.), the preparer/auditor must indicate whether or not the information contained within the statements complies with GAAP. Here is a general list of GAAP compliance principles: 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.
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compliance accounting definition