While the iPad does not have a native Compass App, it does have a built-in compass - and this can be recalibrated when necessary.
First, ensure that you have enabled Compass Calibration in settings:
Settings > Privacy > Location Services > System Services > Compass Calibration - set to ON
Remove all Magnetic Material from your device
Just like iPhone, your iPad contains a Magnetometer that is used by the internal compass. Any interference from a nearby magnetic source may affect the compass readings.
Fitted cases often include magnets - and these will interfere with the magnetometer. Be aware that the Apple (and other) Folio and Magic Keyboard attach by magnets - and these will significantly degrade both performance and accuracy of the iPad internal compass.
Compass Recalibration
If your compass is significantly misaligned due to proximity of magnets, removing the source will help. However, you may need to both restart your device and force recalibration.
To trigger recalibration of the compass, rotate your iPad in a large Figure 8 Motion in the horizontal plane. Rotating the iPad by a full 360° in each of its three axis’ (X, Y and Z) many also help with recalibration.
