Understanding Compliance Audit
Definition
Independent examination verifying adherence to regulations, standards, and policies. Compliance audits assess whether organizations implement required controls, maintain proper documentation, and follow mandated procedures. Audits result in reports identifying gaps, recommending improvements, and sometimes certifying compliance. Organizations undergo audits for SOC 2, ISO 27001, HIPAA, PCI-DSS, and other frameworks. RFPs should request recent audit reports to verify vendor compliance status and scope.
Why This Matters
Independent compliance audits verify adherence to regulations and standards. Audits assess control implementation, documentation adequacy, and procedure compliance. Audit reports identify gaps and recommend improvements. Organizations should request recent audit reports to verify vendor compliance status and scope. Audit frequency and findings indicate compliance program maturity.
Related Terms
Showing semantically related terms from our RFP knowledge graph. Priority connections are highlighted.
Essential Connections
Security Audit
Security & Compliance
Independent examination of security controls, policies, and practices verifying compliance with standards like SOC 2, ISO 27001, or industry regulations.
Compliance Certifications
Security & Compliance
Official attestations proving adherence to security and regulatory standards including SOC 2, ISO 27001, HIPAA, PCI DSS, FedRAMP, or industry-specific certifications.
Regulatory Compliance
Security & Compliance
Adherence to laws, regulations, and industry requirements governing data protection, privacy, and operations.
SOC 2
Security & Compliance
Service Organization Control 2 - an auditing standard for security, availability, processing integrity, confidentiality, and privacy of customer data in cloud services.
ISO 27001
Security & Compliance
International standard for information security management systems specifying requirements for establishing, implementing, maintaining, and improving security controls.
Compliance Risk
Security & Compliance
Potential for violating regulations, standards, or contractual obligations resulting in fines, restrictions, or reputational damage.
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