Compliance

A report that companies must file with the SEC to announce significant events that shareholders should know about between 10-Q and 10-K filings.

An in-depth look at accounting records, their historical context, categories, importance, applicability, and examples, along with related terms and FAQs.

Accounting standards are authoritative standards for financial accounting and reporting, such as the Financial Reporting Standards issued by the Financial Reporting Council in the UK or the International Financial Reporting Standards issued by the International Accounting Standards Board. In the USA, the responsibility falls on the Financial Accounting Standards Board. These standards provide rules and procedures for the measurement, valuation, and disclosure of accounting transactions.

Adjusted Gross Income (AGI) represents an individual's total gross income after accounting for specific deductions, crucial in determining one's tax liability and tax bracket.

Administrative sanctions are non-monetary penalties such as license suspension or revocation, imposed by regulatory agencies or administrative bodies to ensure compliance with legal and regulatory standards.

Affiliate Nexus occurs when related businesses or affiliates within a state create a tax responsibility. This concept is crucial in understanding tax obligations and compliance for interconnected entities.

Airworthiness Directives are mandatory notices issued by aviation authorities to address safety concerns in aircraft operations. This article covers the historical context, key events, types, importance, applicability, and related terms.

AML (Anti-Money Laundering) encompasses laws, regulations, and procedures designed to prevent money laundering activities, ensuring the financial system is protected from illicit funds.

Annual accounts, also known as annual reports, consist of financial statements published annually by organizations. These reports are essential for transparency, regulatory compliance, and informed decision-making.

An in-depth exploration of the Annual Return, its historical context, components, key events, and significance within corporate governance.

APB stands for the Accounting Principles Board and the Auditing Practices Board, pivotal entities in the realms of accounting and auditing.

Detailed understanding of approval, a formal consent or agreement, including its various forms, applicability in different fields, historical context, and related terminologies.

The Arm's Length Principle is a standard used to ensure that the conditions of a transaction between related parties mirror those which would be made between independent entities, reflecting true market value.

Articles of Incorporation, also known as a corporate charter, are the official documents that detail a company's existence. These documents are essential for establishing a corporation in the USA and are similar to the memorandum of association formerly required in the UK.

An Accounting Standards Update (ASU) is an official update to accounting standards issued by the Financial Accounting Standards Board (FASB) to provide clarifications, amendments, and improvements to financial reporting.

An in-depth look at the Attest Function in auditing, its historical context, types, key events, and its importance in financial reporting.

Audit Adjustments are adjustments suggested by auditors during an annual financial statement audit that may not necessarily lead to restatements.

Audit Command Language (ACL) is an industry-standard computer-assisted audit tool developed by ACL Services Ltd. It enables auditors to analyze large volumes of data to detect anomalies, fraud, weak controls, or other concerns.

A comprehensive guide to the Audit Completion Checklist used by audit staff to verify that financial statements present a true and fair view according to statutory disclosures and accounting standards.

An in-depth exploration of audit evidence, its types, methods, importance, and applications in the financial audit process.

Audit Firms provide essential audit services ensuring accuracy and reliability in financial reporting, compliance, and internal control systems.

A detailed examination of auditing policies and procedures encapsulated within an Audit Manual, its historical context, key components, importance, and applicability in the financial and regulatory landscape.

An audit programme is a structured document listing the individual audit tests performed to meet the objectives of an audit plan. It ensures the accounting system operates as recorded and verifies the effectiveness of internal control systems, providing a basis for effective quality control and meeting audit evidence requirements.

A comprehensive examination of audits conducted by firms to ensure compliance with established standards.

An Audit Report provides a detailed examination of financial statements and records by an independent auditor, offering assurance on the accuracy and fairness of an organization's financial reporting.

Audit Rotation is a policy aimed at promoting auditor independence by limiting the duration for which an audit firm can audit a single client.

Audit software consists of computer programs used by auditors to examine and review an enterprise's computer files, facilitating compliance tests, substantive tests, and continuous monitoring of computerized accounting systems.

An in-depth exploration of audit trails, their significance in auditing processes, and how they enhance organizational transparency and accountability.

An in-depth look at audited accounts, including historical context, types, key events, and detailed explanations.

Audited financial statements are financial records that have been reviewed and verified by an external auditor to ensure their accuracy and compliance with accounting standards.

The Auditing Practices Board (APB) was a key body responsible for issuing Statements on Auditing Standards (SAS). It succeeded the Auditing Practices Committee (APC) and played a crucial role in developing auditing standards and guidelines.

An in-depth exploration of the distinctions and interconnections between auditing and financial reporting, highlighting their historical context, key events, methodologies, importance, and practical applications.

An extensive exploration of auditors, their roles, significance, and the standards governing their practice.

An auditor is a professional tasked with the examination and verification of financial records to ensure their accuracy and compliance with statutory requirements.

A detailed examination of the auditors' report, including its types, purposes, historical context, key events, legal requirements, and its significance in corporate governance.

The Bank Secrecy Act (BSA) is a U.S. law directing financial institutions to maintain records and file reports that are critical in detecting and preventing money laundering activities.

A comprehensive guide to understanding Benefits in Kind, non-cash benefits provided to employees, and their taxation implications.

A Bond Counsel provides the legal opinion necessary for the issuance of municipal bonds, ensuring their legality, tax-exempt status, and compliance with regulations.

A Breach of Lease occurs when a tenant or landlord fails to comply with the terms and conditions set forth in a lease agreement, leading to potential legal remedies such as distraint or eviction.

An in-depth exploration of business ethics, covering its standards, importance, applicability, key issues, and the role of ethical conduct in business success.

A code of best practice, established by Thomas Dunfee and David Hess of the University of Pennsylvania, describing how a company and its employees should deal with any attempt to make or solicit improper payments.

Comprehensive Overview of the CAN-SPAM Act, Its Requirements, Implications, and Historical Context

An in-depth exploration of Chartered Governance Professionals, their roles, responsibilities, historical context, key events, types, importance, and much more.

An in-depth exploration of the Chinese Wall, a notional information barrier within businesses to prevent the improper flow of sensitive information.

Chinese Walls are information barriers within organizations designed to prevent conflicts of interest by restricting the flow of information between departments. This practice is critical in maintaining integrity and trust in financial, legal, and corporate environments.

A comprehensive overview of the Construction Industry Scheme (CIS), its historical context, categories, key events, detailed explanations, importance, applicability, and related terms.

An in-depth exploration of Codes of Conduct, their historical context, types, key events, models, importance, and applicability within various sectors. Learn how they guide ethical behavior and align individual responsibilities within organizations.

An in-depth overview of Combating the Financing of Terrorism (CFT), its historical context, key events, measures, importance, and related terms.

Combating the Financing of Terrorism (CFT) involves a set of policies, regulations, and procedures aimed at identifying and obstructing the funding of terrorist activities.

A comprehensive look at the Common Reporting Standard (CRS), its history, implementation, and significance in the global financial landscape.

Comprehensive legislation that regulates the formation and operation of companies, setting out the legal framework for corporate governance and compliance.

A comprehensive guide on the role, significance, and practices of Company Auditors, who are essential for validating a company's financial statements and ensuring compliance with legal standards.

An in-depth exploration of compliance in auditing and corporate governance, detailing its significance, types, mechanisms, historical context, key events, and practical applications.

A comprehensive guide to compliance audits, focusing on adherence to regulations, types, key events, models, importance, applicability, examples, and related terms.

Compliance costs refer to the expenses incurred by firms to adhere to laws and regulations. These costs include additional record-keeping, staffing, and the employment of compliance officers.

A comprehensive guide to Compliance Management Systems (CMS), which are essential for organizations to maintain adherence to legal and regulatory requirements.

Compliance Monitoring is the ongoing process of ensuring systems and operations adhere to regulatory standards and requirements to maintain integrity and avoid legal issues.

Compliance Reports document adherence to legal and regulatory requirements to demonstrate accountability and avoid penalties.

Procedures an auditor uses to determine whether internal controls are functioning as intended.

Compliance Testing evaluates adherence to regulatory, policy, and legal standards within organizations, ensuring lawful and ethical operations.

An in-depth look at Computer-assisted Audit Techniques (CAATs), their historical context, types, key events, applications, examples, and importance in the auditing process.

CAATs are tools and techniques that auditors use to analyze data, leveraging computer technologies to automate and facilitate the auditing process.

Conduct Risk encompasses the risk that financial services firms engage in inappropriate behavior, causing harm to customers, market integrity, or firm stability.

Confidentiality refers to the ethical principle or legal right ensuring that information about an individual or entity is not disclosed without proper authorization.

An in-depth look into the systems and processes that handle user consent, with historical context, types, key events, explanations, models, charts, importance, applicability, examples, considerations, related terms, comparisons, interesting facts, and more.

An in-depth exploration of continuous auditing, its importance, historical context, methods, and key events. Understand how this auditing method maintains ongoing compliance and enhances the examination of transactions.

An in-depth exploration of contract compliance, including its importance, types, key events, mathematical models, and examples.

The process of managing contract creation, execution, and analysis to maximize operational and financial performance.

An in-depth analysis of control testing, including historical context, types, key events, detailed explanations, formulas/models, importance, applicability, examples, related terms, and more.

Comprehensive overview of mechanisms and practices ensuring that organizations adhere to legal and ethical standards.

A comprehensive overview of the Corporate Secretary's responsibilities in governance and administrative functions, historical context, and practical implications.

A corporation is a legal entity that offers robust liability protections but comes with more complex regulatory and tax compliance requirements.

Comprehensive overview of corrective actions, their importance, historical context, key events, types, examples, considerations, and related terms in quality management.

The COSO Framework provides a comprehensive model for evaluating and enhancing internal controls, risk management, and fraud deterrence within organizations.

An overview of the Cost Accounting Standards Board, its historical context, key functions, and importance in government contracts.

A Currency Transaction Report (CTR) is a mandatory report that financial institutions must file for transactions that exceed a specified threshold.

A comprehensive guide to understanding Currency Transaction Reports (CTR), their historical context, regulatory requirements, and significance in the financial industry.

Detailed explanation of a Custodian of Records role, responsibilities, and significance in legal and organizational contexts. Explore historical context, types, examples, and more.

Customer Due Diligence (CDD) is the process of conducting background checks to ensure the legitimacy of the customer. It is essential in financial sectors to prevent money laundering and financial fraud.

A customs bond is a crucial requirement in international trade to guarantee that importers adhere to regulations and pay the necessary duties. Learn about its historical context, types, key events, mathematical models, and much more.

Comprehensive overview of what a Data Controller is, its roles and responsibilities, historical context, and its importance in the realm of data protection.

A comprehensive guide to the role, responsibilities, and significance of a Data Protection Officer (DPO), who ensures an organization's compliance with data protection laws.

A comprehensive overview of data retention policies, including historical context, types, key events, detailed explanations, mathematical models, and more.

Deductions at Source (DAS) is a method of tax collection where the payer of income deducts tax before disbursing the net amount to the recipient. This practice simplifies tax compliance and improves tax collection efficiency.

Detailed explanation of defective accounts, including historical context, legislation, implications, types, and corrective measures. Important for understanding financial accountability and compliance.

Deficiency in taxation refers to the amount by which a taxpayer’s tax liability exceeds the amount of tax reported on their return. It signifies the additional tax debt that the IRS claims is owed, above what the taxpayer originally reported.

An in-depth exploration of the process, requirements, and implications of deregistration for Value Added Tax (VAT) when a taxable person ceases to make taxable supplies.

An in-depth look at Designated Professional Bodies (DPBs) which regulate professional conduct under specific laws.

An in-depth look at Determination Letters, issued by the IRS to resolve specific issues, often related to the status of tax-exempt organizations.

A detailed guide on Defense Federal Acquisition Regulation Supplement (DFARS), covering its historical context, types, key events, importance, applicability, examples, related terms, FAQs, and more.

An in-depth exploration of the Directive of the European Union, its historical context, significance, key types, and practical applications.

A comprehensive overview of Directors or Higher-Paid Employees under UK tax law, including definitions, historical context, types of benefits, compliance requirements, and important considerations for employers.

An in-depth look at the Directors' Report, a mandatory annual document prepared by a company's board of directors for its shareholders, detailing principal activities, performance, future developments, and compliance with statutory requirements.

Comprehensive explanation of legal requirements for companies to disclose material information to the public, including types, historical context, legal considerations, and real-world applications.

An in-depth exploration of disclosure requirements, their history, significance, and impact on companies and stakeholders.

Comprehensive coverage of DNFBPs, their historical context, categories, key events, detailed explanations, importance, applicability, examples, considerations, and related terms.

An in-depth exploration of the term 'Documented,' its meaning, types, and applications across various fields.

A comprehensive set of financial regulations passed in 2010 aimed at preventing the recurrence of events that led to the 2007-2008 financial crisis.

An exploration into Designated Professional Bodies (DPBs), their roles, significance, and the regulatory framework surrounding them.

An in-depth exploration of the role of a Driver Manager, responsibilities, performance management, and regulatory compliance.