A compliance audit is necessary for businesses that have to comply with certain regulations, such as companies in retail, finance, healthcare or government. The goal is to show whether an organization meets the laws required to do business in their industry.
A company that does not conduct compliance audits is susceptible to fines, and it might also lead to clients looking elsewhere for their needs. This type of cyber security audit usually examines company policies, access controls and whether regulations are being followed. An organization that does business in the European Union, for example, should run a compliance audit to make sure that they adhere to the General Data Protection Regulation.