A compliance auditor examines a company’s activities to see if they are in compliance with established standards. Compliance auditors typically hold a bachelor’s degree in accounting, finance, or a closely related field. They may also have specialized training that is specific to the industry they work in. Compliance auditors in the health-care industry, for example, are fully trained in protocols that promote patient safety, privacy, and health.
A compliance auditor’s standards for evaluating a company can take a variety of forms. Some of the standards are enshrined in law for a variety of industries. For the purpose of confirming that the company is acting within the law, the compliance auditor must be familiar with the relevant areas of the law, including recent changes. Professional organization standards are an example of other standards. Internal standards can also exist, with companies establishing their own with the goal of delivering high-quality products and services.
The compliance auditor examines company records, conducts interviews with employees, examines employee handbooks and manuals, and visits various departments to observe company procedures and practices. All of this data is compiled into a formal report, which is then presented to the company. The report identifies areas where the company is at risk of noncompliance or is actively breaking standards, as well as recommendations for improvement.
Some businesses have a full-time compliance department in charge of conducting regular and ongoing audits. Such departments are more likely to exist in large companies and companies that handle sensitive materials. In other cases, a company is audited by an independent compliance auditor. External authorities, such as a bank’s lending partners, can also hire independent auditors to ensure that a company is following the terms of a contract. When an audit involves oversight by another organization, such as a government agency, the contents of reports may be kept private in the case of internal auditors or published, at least in part, when the audit involves oversight by another organization, such as a government agency.
Information technology, security, health care privacy, banking, occupational health and safety, information security, law enforcement, and quality control are some of the areas where a compliance auditor can work. Depending on the services they provide, their training, and their experience, these professionals are paid differently. Compliance auditors must have very high ethical standards because they are responsible for keeping companies in good working order while also handling sensitive materials.