The industry entails numerous compliance requirements to govern the

The industry entails numerous compliance requirements

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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 Page 8 of 9
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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 Page 9 of 9
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  • Management, Qualitative Research, Business Industry Skills Council Ltd, Industry Skills Council, Business Industry Skills, BSBCOM603

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