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The ‘governance’ of an organisation generally refers to the processes by which an organisation covers the issues of authority, accountability, stewardship, leadership, direction and control exercised in the organisation. Good governance practices are crucial towards the success of the organisation in order to achieve its objects and to comply with all the legal, ethical and operational requirements of the company. This piece of writing provides a discourse on Compliance Audit Procedure.
A Compliance Audit is the comprehensive in-depth evaluation of an organization to comply with the regulatory frameworks as set up by the government bodies. The Compliance Audit procedures include evaluation reports on compliance preparations, data security policies, risk management and compliance task management. Corporate Compliance Audit procedure involves a research of applicable laws on the organisation, a proper evaluation whether the organisation is complying with such standards and should report to the top level management if any loophole is present in the organisation. Company Secretary with core competence in compliance governance plays a crucial role while Compliance Audit procedures.
A regular and adequate Compliance Audit plays a significant role in the success of an organisation. Various benefits that can be attached with a corporate Compliance Audit are as follows:
The two types of Compliances that every company should follow are:
Compliance Audit Program is the basic need for healthy and prosperous growth of the company. Having a periodical Compliance Audits not only ensures that the organisation is strictly adhering with the regulatory as well as internal compliances but also identifies and measures the existing risks or new risks that the company may face in future and tries to reduce it. Having an active Compliances Audit will also increase the market capitalisation and gains creditability in the eyes of the customers. This can be achieved with the help of effective Compliance Audit Procedure.
Read our Article:Important Compliance for Running Business in India
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