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. In simple words Compliance auditing determines whether a process or transaction has or has not followed applicable rules. If rules are violated, the auditor determines the cause and recommends ways to prevent future deviations. The rules being tested can be those created by the organization for itself through corporate by-laws, policies, plans, and procedures; can be those imposed on the organization through external laws and regulations; or can be those external standards that the organization has chosen to follow .
It has been a challenge for internal and external auditors to change the organization’s attitude from compliance being a chore that it is forced to implement, to compliance being an opportunity to improve business processes through standardization and measurement. As the business and regulatory environments continue to evolve, organizations face emerging risks that challenge traditional strategies and assumptions. In this environment, resilience is the key to organizational survival, and companies need to achieve a balance of governance, risk-management, regulatory compliance, and performance.
WeMark India combines industry knowledge, experience, leading methodologies, and a performance focus to help enable internal audit, risk management, and compliance. With commitment to integrity and accountability, WeMark compliance auditing provides value to governing bodies and senior management as an objective source of independent advice.