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Compliance in Financial Forensics and Investigation

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Added on  2019-10-09

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A critical assessment of the need for regulation of, and compliance by, companies with laws, regulations, and internal policies. So for this, the organization should establish internal control management which on a regular basis assess the compliances on the company in relation to the act, regulations, and procedures. Internal control assessment services are designed in order to ensure that all process from operations to financial reporting and compliances are operating efficiently and effectively (Sultana & Mitchell, 2015).

Compliance in Financial Forensics and Investigation

   Added on 2019-10-09

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FINANCIAL FORENSICS AND INVESTIGATIONFinancial Forensics and InvestigationSTUDENT ID:STUDENT NAME:ASSIGNMENT CODE:1
Compliance in Financial Forensics and Investigation_1
FINANCIAL FORENSICS AND INVESTIGATIONContentsIntroduction............................................................................................................................3A. A critical assessment of the need for regulation of, and compliance by, companies withlaws, regulations, and internal policies..................................................................................4B. An appraisal of the regulatory and crime control approaches to enforcement of companycompliance.............................................................................................................................6C. An evaluation of the importance of compliance within the context of a forensicinvestigation...........................................................................................................................8D. An indication of the types of investigation, compliance, and internal control servicesthat a Forensic practice can undertake.................................................................................10Conclusion............................................................................................................................12Bibliography.........................................................................................................................132
Compliance in Financial Forensics and Investigation_2
FINANCIAL FORENSICS AND INVESTIGATIONIntroductionCompliances mean the act of complying with the order, rules, and regulations underwhich the entity or corporation exists (Saita, 2017). It is necessary for the organization tofollow the rules and regulations in order to save itself from the severe repercussions ofnonfulfilment of regulatory provisions. The company can fulfill all the compliances when ithas strong internal control assessment practices managed by the professionals. The changesin the market have also made it compulsory for the organization to follow the compliance,procedures, and legislation. Role of internal control assessment services will be highlighted inthis report.This report will highlight the implications of the forensic investigation and the typesof auditing required by the company under forensic investigation. This paper will alsohighlight the benefits and needs of compliance and internal control assessment services indetail. Beside this, this paper will also shed light on the benefits of forensic investigation inthe world of accounting and finance. 3
Compliance in Financial Forensics and Investigation_3
FINANCIAL FORENSICS AND INVESTIGATIONA. A critical assessment of the need for regulation of, and complianceby, companies with laws, regulations, and internal policies.The changing pace and advancement pushed the company to follow the proper legalcompliance. It is due to the fact that adherence of law and compliance make the company togain the competitive as well as a strategic advantage in the market. Hence, there is a need forcompliance and internal control assessment services for the organization to performeffectively and efficiently.It can be said that companies need to check up on any failure in following thecompliances regularly. So for this, the organization should establish internal controlmanagement which on a regular basis assess the compliances on the company in relation tothe act, regulations, and procedures. Internal control assessment services are designed inorder to ensure that all process from operations to financial reporting and compliances areoperating efficiently and effectively (Sultana & Mitchell, 2015).The internal and external environment of the business such as policy and procedures,industry trends are continuously changing, and hence it has become important for theorganization to cope with the changes in the business environment. For this, the organizationstake the services of internal control assessment companies to fulfill their compliancesaccording to set procedures. According to Kim et al., 2014 management does not have fullknowledge about the various compliances applicable to the company, and also they do nothave time and energy to look upon the laws and legislation regularly. So, it becomes a needfor the organization to take help of services provider. Service provider and cost controlassessment center help the organization in marinating compliance by keeping updatedregarding laws and reregulation (Kim et al., 2014). Therefore there is a high need for thecompanies to outsource the services in order to fulfill the compliances within the time-boundduration. The service provider continuously checks upon the working of the organization andcommunicate with the management on the various compliances need to be fulfilled by them.The organization should focus on various provisions, laws, regulations, guidelines, and duedate on a regular basis of filling various returns. If the organization missed the deadline offiling the returns, the organization would have to bear penalties. The following are needs for following the compliance;4
Compliance in Financial Forensics and Investigation_4

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