A compliance audit is an extensive evaluation of an organization's adherence to regulatory guidelines. This includes a scrutiny of internal control procedures to ensure proper operation according to established protocols.
Tests used during an audit to determine the effectiveness of a company's control procedures. The extent of compliance testing will depend upon the extent to which specific controls are relied upon. Results of compliance testing will indicate the necessary level of substantive testing (tests of transactions, balances, etc.). If controls are found to be working well, substantive testing may be reduced to some extent.
Comprehensive auditing is a thorough review process that encompasses evaluation of an organization's operations, compliance, and financial performance to ensure accuracy, efficiency, and adherence to laws and regulations.
