Let Us Navigate The In and Outs of Regulatory Compliance
The Office of Foreign Assets Control (OFAC) is a governmental body that oversees a variety of corporate compliance regulations. Failure to adhere to OFAC’s all important rules can have a negative impact on your company’s viability. Businesses that have any perceived inadequacy in regulatory compliance realms are often in danger of legal repercussion as well as financial ones.
GBC Audits is well versed on the current regulatory compliance measures implemented by the OFAC and other governmental agencies. We are well aware that these policies can change quite often, overwhelming a harried internal accounting team, that may not be able to keep up with ever shifting legal paradigms.
Internal Audits Versus External
Regulatory compliance can be vast and tricky area to navigate, particularly because the parameter controls, documentation and record keeping/submission processing can alter annually and even quarter to quarter. When one considers the fact that ignorance of the law is never a valid defense, it is important to keep governmental compliance requirements in the forefront.
When it comes to areas of regulatory compliance, procedural and financial are chief among them. An in-house accountant can and often does observe these fundamental categories, however, they may not have the resources to remain up to date on what government agencies require.
An external audit can underscore what your in-house analyst or accounting team is doing, providing them with new information and insights that very well could make their jobs easier.
By working with an external auditing team, internal financial officers can be made privy of new information and technology as it becomes available.
What You Don’t Know About Regulatory Compliance
Many corporate regulatory compliance statutes set by governmental agencies have civil or even criminal penalties when ignored. Using Chapter 8 of Federal Sentencing Guidelines, these agencies can and often do shut down businesses or worse, prosecute those who don’t satisfy governmental agency requirements. Fines and punishments can be especially hefty when it comes to economic transparency and management.
As daunting as it may seem however, it is not impossible for businesses to comply with governmental regulations. With a bevy of tools at our disposal, GBC Audits of Atlanta can help you shift through the wads of red tape and paperwork and ensure your company is observing important federal and local standards.
GBC Audits of Atlanta takes great pride in guiding small to midsized companies so they can reach their regulatory compliance goals.