How to perform a Compliance Audit?
Some companies may have internal staff that specialize in auditing and making sure everything is within the compliance regulations. While other may hire third-party auditors.
These third-party auditors are not necessarily specialist, which has the advantage of giving the company a different point of view to assess compliance. They will be trained and briefed on what to look out for. This is then reported back to a third-party company to asses the evaluation before being given to the parent company.
This is exactly the reason why, when it comes to industries that have strict compliance regulations, it is important to have someone knowledgeable. In contrast to hiring a person that is simply briefed. These auditors are specialist in their field and have a keen sense of what to look out for.
So, depending on the industry and the how strict the regulations are. A company would need to decide on how to best perform these audits. In some instances, having both internal and external auditors perform similar scenarios would help give a bigger picture as well.