Seems like a lot of confusing comments in this thread.
Did your company issue you an unopened, brand new iPad and did you set up your own Apple ID & account? Are you controling what apps go on it? If so, then it is likely that they cannot unless you are using it on their wifi where they can monitor traffic if they wish. You have to assume that anything you do on their network can be monitored, but like some have said, they likely will not be monitoring you unless they have a good reason to do so. Also, are you syncing to a work PC? If so, they have the right to get all of that stuff too. If they are giving you a setup iPad and an account that they control, then you better believe they can know everything you put on there.
If you really have stuff that is highly private, be carefully putting it on a work iPad. Doesn't seem like much effort is designed in for keeping things private. At least set up a lock screen. But don't assume that anything on your work iPad is yours to keep.
Unless there is a productivity issue or a concern about security, I don't they will spend a lot of time spying on you. Of course, there can be people who have a god complex that may get a kick out of doing stuff because they can.
Thanks to all who replied to my comment. Here's some additional info on my situation:
The iPad I received had a box, but had been opened & put in a case. They had me to set up my own NEW Apple ID/account, for the purpose of this iPad. They specifically said NOT to use an existing Apple account. I installed the apps myself, including those recommended by the company (as well as some I wanted). I am not using their network or syncing to their computer. I work from home & use my own computer. They have set the controls so that I cannot turn off "find my iPad," which is fine. I'm not hiding anything from them as far as my whereabouts and I respect their need to be able to track a lost or stolen device, as well as track employees who have productivity issues, which I do not. They have also set up the device so that I must use a passcode every time I open it, which although annoying, is probably a good security measure for the company as well as myself. They have told us we can enjoy it for personal use (games, watching movies, etc), although they cautioned against streaming on 3G, since that would mean a heavy data fee, which they would pass along to us. They also had us sign a form, which among other things, said that we understand that we will not be guaranteed privacy (which I assumed mostly applied to the tracking feature). I live in the USA.
My main concern is about my company's ability to access the information in my apps. For example, I set up a Dropbox account, and have considered putting personal documents on this. I am in possession of the iPad all the time, and would like the convenience of working on my personal documents on my own time, from the device. Alternately, I could use Google Drive.
Hope this clarifies things. Your input is very much appreciated.