What is an auditor and compliance officer? And difference between an auditor and a compliance officer

Introduction

Most people do not have a clear understanding of the basic difference between a compliance officer and an auditor of a company. The auditors can audit the practices of compliance officer in order to implement best practices and carry out the responsibility but that is not visa versa. Instead the role of compliance officer is limited to regulatory and operational risk. In this blog, we’ll go through the key distinctions between an auditor and a compliance officer in your company.

Who is the auditor of a company?

Auditors are experts who work for a company to verify that certain rules are being followed legally and ethically. If it is necessary, they advise the company to modify its policies and practises. They may also help identify any future monetary issues that a company might face.

Who is the compliance officer of a company?

A compliance officer is an employee of a company who ensures that the company complies with internal rules and by-laws as well as external legal and regulatory obligations. Their goal is to make sure that a company has internal policies and procedures that are effective in assessing and controlling the risks that it might encounter.

What are the basic differences between an auditor and compliance officer in a company?

Summing up

The primary difference between a compliance officer and an auditor is that an auditor will review all internal functions of a company that operates in according to the laws and regulations imposed by the government, whereas a compliance officer is limited to a company’s operational and regulatory risk.