Internal Compliance Audits

In order to understand an internal compliance audit, it is helpful to first define what internal audits are and then look at how the compliance aspect fits into that picture. Whether the entity is for profit, non-profit, publicly held or privately owned, all require an internal review of operations on a regular and consistent basis. Sometimes, such reviews are legally required while others are considered best practices for healthy corporate functioning and growth.
There are basically four types of internal audits:
• Financial
• Operating
• Compliance
• Information