Standard regulations are used to assess the compliance of business operations by auditors. This procedure is too time-consuming and Computer Assisted Audit Tools lack of the feature of processing documents semantically in an automatic manner. This paper presents a semantic application which is capable of extracting business process models in the shape of process ontologies from business regulations based on reference process ontologies transformed from process models derived from standard regulations. The application uses ontology matching to discover deviations of a given business operation and creates a transparent report for auditors. This semantic tool has been tested on one of the Internationalization processes in the respect of Erasmus mobility.