Compliance auditing is something business with strict regulatory management systems should be doing regularly. Essentially, compliance auditing review and checks whether a company or organization is in line with the correct regulations. For example, financial institutions and freelancers like banks, freelance accountants, and financial advisors as well as other consultants need to be up to date with the rules and regulations governing their industries.
Laws, requirements, guidelines, and regulations are prone to change. Much like everything else in life as it turns out. As these rules change, companies need to adapt their compliances to match or risk losing accreditations and their ability to do business. These rules and regulations are in place to protect consumers and the industries that service them. Ensuring that all providers offer the same standard, both legally and covering all necessary parameters. Failure to comply can lead to all sorts of trouble, including fines and, in the worst case, shutdowns.