What are the main differences between compliance audit and financials audit?

I think, Every audit process has  defined it's scope, and accoriding to it's scope said audit should be done. If we are looking at major diffferences of financial audit and compliance audit we found that,  the finacial audit is related to accounts payble and accounts receivables of an organisation. while compliance audit checks policies,procedures were followed or not. it includes all functions policies & procedures or only a part of one particular function. It depends on its scope.

Compliance audit or compliance review is a function to ensure a company’s adherence to Guidelines which may include regulatory, internal department guidelines and other compliance matrices. Usually this this type of review is done on a high level basis especially in ensuring compliance to regulatory guidelines.  

Financial audit is more of a niche and focus review of a company’s financial statement health. This is to identify any findings  such as misrepresentation and misstatements  of the company’s financial statements.

Compliance audit is to cross check if the policies, guidelines and procedures were followed or not, while financial audit is to cross check authorities to sign, availability of budget lines, due diligence, cross checking the three ways match, correctness of payees and amounts paid ...
etc.

compliance is negative assurrance the auditor not independent but you msut disclose in report and report contain some special word not in your attention 

 review is limted assurrance the auditor must to be indepdent 

audit to provide a reasonable assurrance , to report statement this postive assurrance but the auditor canot grantee if the statement free for all material misstatement 

Fianncial audit is the verification of the fianancial statemetns of legal entity, with a view to express an audit opinion.

 

A comprehensive review of some aspect of the internal operations of a company that requires certification by a regulatory body to verify that it is in compliance with mandatory guidelines. Compliance audit procedures may be conducted internally, but are usually facilitated by the certifying organization. A company may require several compliance audits to review regulatory adherence in multiple departments, such as finance, IT, manufacturing, human resources, and, in the case of certain types of financial firms, marketing and sales.

Compliance Audit is basically done on the Policy standards and to check whether all the processed orders are adhered to the accepted legal standards and to detect any inadequate gaps are deficiencies and to take steps to eliminate it in the future.

Financial Audit is to identify the Financial structure of the organization is in good shape and whatever the company anounces to the share holders are correct and are legal to the company growth