A compliance audit is performed to determine whether a company’s processes or transactions has or has not followed applicable rules. These rules can be created by the organization for itself through corporate by-laws, policies, or procedures; can be imposed on the organization through external laws and regulations (ex. DCAA Compliance); or can be a set of rules that a company has chosen to follow to be recognized as a provider of a certain level of quality (ex. ISO 9001:2008). An auditor is then sent in to see if the organization is following said rules, and if not, how to correct the violations found.
Compliance audits can be performed by employees of the organization, public accountants or attorneys hired by the organization, or government auditors assigned by a regulatory agency. Compliance audits are often requested by the organization in advance and performed by internal or hired auditors to expose potential problems ahead of time so that they can be corrected. Organizations can then present external auditors with their internal findings and proof-of-corrections to show actions that have been taken to maintain compliance.
With Deltek you have the power to run your business with the control necessary to meet any compliance standards. With the right tools, the right personnel, and the right training you will be ready for any compliance audits that come your way.