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DBN608: Modern Business Practices

   

Added on  2020-05-04

17 Pages3816 Words43 Views
Environmental Science
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Running head: BUSINESS PRACTICEModern Business PracticeName of the Student:Name of the University:Author’s Note:
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2BUSINESS PRACTICEExecutive SummaryThe entire piece of the report highlights on the internal and external compliance requirements inthe context of Birchfield ltd. Birchfield is a popular coal mining industry of New Zealand. Healthand safety of the labor during the mining is a major internal compliance requirement for suchindustry. For this reason, Health and Safety Act should be followed by this organization. Thearrangement of the safety equipment is another internal compliance. However, this organizationhas faced an issue in order to update the security information. Hence, it is important for suchorganization to protect the data of the organization. Submission of the annual report and thefranchise tax are the major external compliance requirement. Therefore, compliance with theenvironmental law should be done by this firm to avoid the legal restriction in their business.
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3BUSINESS PRACTICETable of ContentsI. Introduction..................................................................................................................................4A. Importance of Compliance......................................................................................................4B. Business background...............................................................................................................4II Internal compliance......................................................................................................................5A. Internal industry compliance requirements.............................................................................5B. Internal compliance issue........................................................................................................7III External Compliance..................................................................................................................9A. External industry compliance requirements...........................................................................9B. External Compliance issue....................................................................................................11Conclusion.....................................................................................................................................13References......................................................................................................................................14
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4BUSINESS PRACTICEI.IntroductionA. Importance of ComplianceCompliance can be defined as the state in which it is necessary to work accordance with theestablished rules and guidelines. Compliance in context of an industry means to abide by the setindustry regulation and government legislation.Compliance with the government rules andregulation is crucial for a firm in order to operate the business legally. Company transactions,safety procedures, and labor practices are the vital components of the compliance. Anorganization should know about the proper rules and regulation of the industry otherwise thebusiness might be affected (Yakovleva, 2017). Internal and external are the two types ofcompliances. However, the internal compliance ensures that a firm is running the business withfull integrity and is free from corruptions. External compliance focuses on the environment inwhich the business is running. Various reprimands are considered as the internal compliance andgovernment issues restrictions on noncompliance in external environment.Noncompliance maycause operational risk in an organization. This study deals with the compliance nature ofBirchfield Coal Mining firm that is situated in New Zealand.B. Business backgroundBirchfield Coal Mines is a well-known coal mining industry in New Zealand. Thisorganization extracts coal from Rotokohu coal measures, which is situated near the Giles Creekbasin. Such coal is sub-bituminous and contains low in Sulphur. Birchfield Coal Mines is aprivate company and is owned by a family. The director of this organization has established theirbusiness on the West Coast. In 1984 this organization is established their infrastructure in orderto extract and process the coal. Their coal product is cleanest burning coals and popular in the
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