How To Perform a Compliance Audit

DISCUSSION TOPICS What is a compliance audit? Why do they matter to collection agencies? What should the objective of a compliance audit be? How often should compliance audits be conducted? Who should conduct them? What should be done if errors or issues are found during a compliance audit? What should an agency do with the results of a compliance audit? Share them with clients? Given the pending enactment of Regulation F, how should compliance audits be approached right now? Does the size of a collection agency have any impact on the scope of a compliance audit? Following the Hunstein ruling, would now be a good time for agencies to conduct compliance audits? What are the benefits to conducting compliance audits?