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.