The industry entails numerous compliance requirements

The industry entails numerous compliance requirements to govern the organizations.
Compliance requirements affect several units of the company. Risk evaluation,
penalties and risk reduction. Internal auditing facilitates good use of company
revenue. Most firms impose internal audit requirements to reduce financial fraud. The
effect results in ensuring financial profits for the company. The process involves
reviewing financial records periodically. Additionally, financial information systems
help in maintaining transparency in both Community-Care and Computer-Care.
3. COMPLIANCE SYSTEMS :
Compliance requirements require specified systems to deliver the best results.
Currently, companies use financial information systems to review the sales records
and purchases. Charity-Care ought to perform auditing and cost accounts. The
professional auditors use financial information systems to identify areas where
business funds lack accountability. According to the research on the Charity-Care, the
© 2015 Innovation and Business Industry Skills Council Ltd 1 st edition
version: 1
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Assessment Task 1 BSBCOM603 Plan and establish compliance
management systems
manager is the warehouse said that not all customers receive a receipt. The
organization should use financial information systems to record the purchases made in
the store. Additionally, the sellers pass the computers through the counter fast without
recording. Such, mistakes contribute to low effectiveness in inventory management.
Continued failure to record computers increase errors and increase the cost of
management. Failure to comply with the compliance requirements leads to low
financial gains. Extensive lack of integrity may lead people to lawsuits. According to
the public constitution, especially in Australia, auditors face jail charge due to
financial embezzlement. The results of financial fraud increase the cost of
management and effectiveness of the company.
© 2015 Innovation and Business Industry Skills Council Ltd 1 st edition
version: 1
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