Compliance and Audit

Compliance involves ensuring that a company or organization follows applicable laws, regulations, and standards set by authorities or industry groups. It ensures ethical and legal operations. Audit is a systematic review or examination of financial records, processes, or systems to verify accuracy, adherence to policies, and identify areas for improvement. Think of compliance as following the rules, and audit as checking that the rules are being followed correctly. Together, they help maintain integrity, reduce risks, and ensure trustworthy operations within an organization.