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The compliance oversight function is the function of acting in the capacity of a director or senior manager who is allocated by the Financial Services Authority the function of reporting to the governing body to ensure compliance with the rules set out in Conduct of Business, Collective Investment Schemes and Client Assets related operations. [10]
The financial report is produced as a Microsoft Word or Microsoft Excel document, and a "Tagging Program" is used to add the XBRL concept metadata and to export the document as Inline XBRL. With large and complex financial statements, a single iXBRL file may be too large for a web browser to handle.
Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company's policies, procedures, etc.). [ 9 ] [ 10 ] GRC is a discipline that aims to synchronize information and activity across governance, and compliance in order to operate more efficiently, enable effective information sharing, more ...
Maker-checker (or Maker and Checker or 4-Eyes) is one of the central principles of authorization in the information systems of financial organizations. The principle of maker and checker means that for each transaction, there must be at least two individuals necessary for its completion. While one individual may create a transaction, the other ...
SAF-T (Standard Audit File for Tax) is an international standard for electronic exchange of reliable accounting data from organizations to a national tax authority or external auditors. The standard is defined by the Organisation for Economic Co-operation and Development (OECD).
Prospective financial information, including financial forecasts and projections, is the focus of AT-C section 305. [28] Pro forma financial information is the focus of AT-C section 310. [29] Compliance or an assertion of compliance regarding laws, regulations, rules, contracts, or grants, is the focus of AT-C section 315. [30]
Compliance requirements are only guidelines for compliance with the hundreds of laws and regulations applicable to the specific type assistance used by the recipient, and their objectives are generic in nature due to the large number of federal programs. [1] Each compliance requirement is identified by a letter, in alphabetical order.
The AICPA auditing standard Statement on Standards for Attestation Engagements no. 18 (SSAE 18), section 320, "Reporting on an Examination of Controls at a Service Organization Relevant to User Entities' Internal Control Over Financial Reporting", defines two levels of reporting, type 1 and type 2. Additional AICPA guidance materials specify ...