Compliance Audit

Due Diligence

Compliance audit is an assessment as to whether the provisions of the applicable laws, rules and regulations made there under and various orders and instructions issued by the competent authority are being complied with. This audit by its very nature promotes accountability, good governance and transparency as it is concerned with reporting deviations, identifying weaknesses and assessing propriety. At its core, a compliance audit evaluates whether an organization is following specific rules or standards. These may be imposed by government regulatory bodies pertaining to taxation, IT security issues, health and safety standards, or environmental protection. Compliance auditing is mainly used to evaluate whether the company is following external regulations, but it can also be used at a corporate level. A compliance audit might be performed to determine whether a subsidiary company follows the wider corporation’s procedures and policies.

As such compliance audit not only includes examination of rules, regulations, orders, instructions but also every matter which, in the judgment of the auditor, appears to involve significant unnecessary, excessive, extravagant or wasteful expenditure of public money and resources despite compliance with the rules, regulations and orders.

Efficient Management

With any compliance audit, there’s a chance that the process will uncover deficiencies. These are often subject to penalties, including fines. Penalties will still apply even when the company works to fix the issue for better compliance. However, it’s always important to undertake these compliance audits, or the organization could risk more severe penalties, including lawsuits and suspension.

Our compliance audit professionals can work with you to understand your business strategy and its associated business drivers, and how that strategy is delivered through an appropriate operational business plan and process framework. Your stakeholders will benefit from experienced independent professional evaluations and a review of the quality and effectiveness of the control environment within your organisation.

Compliance Audit Services

  • Advising your management team to develop workable internal controls that enhance the efficient compliance of regulations
  • Providing Legal advice on how to implement an effective and secured internal control for compliance
  • Advising on how to manage core operational Legal risks, especially those related to the reliability of business operations
  • Assisting with linking Legal strategies and risk performance measures to business goals
  • Evaluating the key structures, dynamics and processes required to underpin effective corporate governance

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