What is the difference between audit and compliance?
An example of an AI chatbot conversation about audit vs compliance.
What is the difference between audit and compliance?
Audit refers to the systematic examination of financial records, while compliance ensures adherence to laws and regulations.
Can you give me examples of each?
Sure! An audit might involve reviewing a company's financial statements, while compliance could involve ensuring that a company follows GDPR.
Why are both important for businesses?
Both are crucial; audits help identify financial discrepancies, while compliance protects against legal penalties and enhances reputation.
How often should audits and compliance checks be conducted?
Audits are typically annual, while compliance checks can vary based on regulations but should be conducted regularly.
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