Which of the following benefits is associated with a voluntary compliance program?

A voluntary compliance program is designed to proactively identify and mitigate compliance issues within an organization. The primary benefit of such a program is the decreased chances of receiving audits.

When an organization establishes and follows a compliance program voluntarily, it demonstrates a commitment to adherence to legal, ethical, and regulatory standards. This proactive approach can lead to building trust with regulatory bodies, as well as improving internal controls and risk management practices. Consequently, organizations that have effective voluntary compliance programs may experience a reduced likelihood of audits because they can provide evidence of their compliance efforts and willingness to rectify any potential issues.

Furthermore, by implementing such a program, entities often engage in regular self-assessments and monitoring, which further ensures compliance and minimizes the risk of violations that could trigger an audit. This benefit not only saves resources and time but also enhances the organization's overall reputation within the industry and with regulatory authorities.