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The International Organization for Standardization (ISO) and its ISO 37301:2021 (which deprecates ISO 19600:2014) standard is one of the primary international standards for how businesses handle regulatory compliance, providing a reminder of how compliance and risk should operate together, as "colleagues" sharing a common framework with some nuances to account for their differences.
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers. ACRA's role is to monitor corporate compliance with disclosure requirements and regulation of public accountants performing statutory audit.
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [1] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
International regulation is regulation that occurs at the international level, often exercised by international organizations.An advantage of international regulation is that it allows localities and the individuals in them to be held accountable for the impact that their actions (e.g. pollution) have on other localities.
Supervisory activities involve on-site inspection of the bank's records, operations and processes or evaluation of the reports submitted by the bank. [3] Arguably the most important requirement in bank regulation that supervisors must enforce is maintaining capital requirements .
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas ...
undertake enforcement action, such as directing the regulated company to comply through orders, imposing financial penalties and/or revoking its license to operate; or refer the regulated company to a competition authority , in instances where it may have breached competition law , or prosecute the company (via civil courts).