How Lima can help you
Compliance can seem to present organizations with a predicament in which they are liable for penalties whether they work to comply or not. Deficiencies discovered in a regulatory audit may be subject to fines. However, any deficiencies that are not discovered in an audit may still subject an organization to a third-party lawsuit. Deficiencies disclosed in self-auditing and self-reporting can still garner significant penalties.
A compliance audit is the type of audit service that their performance or procedure is mainly focusing on whether the entity complying with local law, regulation, and related rule.
A compliance audit also reviews whether an entity complying with internal rules, regulations, policies, decisions, and procedures.
Fail to comply with the internal policy and procedure might lead to serious fraud.