Question

Difference between compliance audit and efficiency audit

Answer 1

Hello..

A compliance audit is a comprehensive review of an organization's adherence to regulatory guidelines. Audit reports evaluate the strength and thoroughness of compliance preparations, security policies, user access controls and risk management procedures over the course of a compliance audit.

Efficiency Audit is the audit which ensures that every rupee invested yields optimum results. The main objective of Efficiency Audit is to ensure that: (i) There is most optimum utilization of investment, and. (ii) That investment is canalized in most profitable lines.

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