Short Course on Resources – Getting to Square 1
What Are The Most Significant Regulations That Will Affect Your Company?
There are many regulations governing companies whether publicly listed or private companies or partnerships and in order for a company to remain regulatory sound it needs to adhere to a couple of general regulations that will cut across the borders and will apply fairly to all companies regardless of where they are established; these are some of those regulatory sound steps it can implement.
The first and most import regulatory sound measure that the company should adhere to is the maintenance of proper tax records that is required by the law of the country such that should any disputes arise with regard to the amount that is due to the company as depicted by the tax authorities; all these records should be intact.
The next regulatory sound measure that a company should implement is to ensure there is sufficient adherence to the regulatory standards that regulate how financial statements should be reported and structured; the international financial reporting standards should be followed to the letter at all times when reporting financial records.
The company must also have the capacity to demonstrate corporate social responsibility at all times so that it may become regulatory sound to those communities around which it is found; for example it should have the capacity to provide scholarships and internship opportunities to those people around that community and therefore be able to assist in lifting their economic capacities.
Another regulatory sound measure that corporates should implement is ensuring that the board of directors is composed of non-executive directors that will closely monitor the actions of the board of directors and provide and independent opinion of what needs to be implemented by the company.
For publicly listed companies more than private listed companies, a step that will assist in maintaining regulatory sound steps is ensuring that the company is able to have an annual audit of its financial statements so that the results presented to its shareholders are very accurate and have an independent audit opinion as this will make the company regulatory sound and make the financial statements fairly sound and safe.
The next regulatory sound measure that every company needs to monitor and implement is ensuring that its wage rates are consistent to the required wage rate bills as well as the working hours and environment is sufficient to allow work to be carried out in a safe manner and without anyone feeling oppressed by the standards of working.
There are also additional matters that make a company regulatory sound but these are the most important.
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