A compliance report is the documented evidence you must produce to auditors to prove your company is compliant with the requirements put in place by a government and regulatory agency under a particular regulation.
Compliance reports determine the compliance initiatives that have been effectively undertaken and the areas that need to be worked on to ensure full compliance. Besides being used as proof for submission to auditors, compliance reports can be utilized to make better decisions about risk management, allocation of resources and additional measures with respect to compliance.