Question

You have been asked to assess the organisation’s compliance with statutory requirements. This is outside of your scope of operation. The requirements are that you examine current policies and practice, assess compliance and make recommendations for improvement. With whom might you consult and what information/ assistance might you need? 60–100 words

(Please note: Australian Tax)

Answer 1

In the organisation compliance with statutory requirements are generally managed by following departments:

a) Legal department;

b) Risk and Compliance;

c) Tax;

d) Finance;

e) Assume Company is listed then review of the Annual reports, other compliance reports under Investor section

The meeting needs to be planned with various stakeholders as mentioned above. The agenda of the meeting should cover the current process / practices followed by company, different tax regime applicable and how its compliance been adhered, various local and international regulations including FINMA, SEC etc, regulatory reports applicable to the company its due date of filing, risk and controls placed at the company that ensures compliance, tone at the top, audit findings on compliance, regulators findings on compliance and how this was addressed by the company. These all matters should be discussed with various stakeholders to cover current practice and policies in relation to compliance.