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An external third party conducts a compliance audit, whereas an organization's employee conducts an internal audit. Compliance audits ensure organizations follow government regulations, whereas internal audits ensure an organization's employees follow company policies.

The objective of compliance auditing, therefore, is to enable assessment of whether the activities of auditable entities are in ance with the authorities governing those entities in order to express a conclusion designed to enhance the degree of confidence of the intended users.

An example of a compliance audit is an audit of a national bank. The bank would be audited for compliance with industry standards of privacy, financial transactions, and more, per governmental regulations. This audit helps to ensure that the bank is functioning legally and ethically.

An example of a compliance audit is an audit of a national bank. The bank would be audited for compliance with industry standards of privacy, financial transactions, and more, per governmental regulations.

Conducting a compliance audit involves various steps such as planning, risk assessment, creating an audit program, reviewing documentation, conducting interviews and testing controls, analyzing findings, reporting results, and recommending corrective actions.

One of the types of compliance audits is Sarbanes-Oxley. It applies to public firms that conduct initial public offerings (IPO) and are required to obtain compliance audits of laws about finance and IT.

What is a Compliance Audit? A compliance audit is a formal review of an organization's procedures and operations mainly focusing on whether an entity is complying with internal rules, regulations, policies, decisions, and procedures.