1. COMPLIANCE
What is compliance?
Compliance is defined as adherence to a policy, regulation, or standard.
Compliance covers a broad spectrum of areas, but businesses are generally at
most risk in the area of regulatory compliance.
Why is it important?
So many regulations; so little time. Regulations such as the Sarbanes Oxley Act,
the Health Insurance Portability and Accountability Act (HIPAA), the
Affordable Care Act and others impact multiple areas of operations and are
complex to understand and implement.
What are the risks of non-compliance?
Depending on the area, the risks of non-compliance include financial impacts,
such as fines and penalties, reputational risks, operational risks, and even legal
risks. And, compliance does not just focus on adhering to policies and
regulations. It includes documentation and reporting processing and procedures
to ensure that companies can illustrate compliance.
What should companies do if they are not sure they are in compliance in all
areas of risk?
Getting a thorough understanding of areas of high risk for your organization
involves evaluating your current operations, completing an assessment to
determine any compliance gaps, and formulating a plan to address the issues.
Often, companies do not have the resources to complete this assessment,
especially when some of the areas of concern require specialized knowledge
and training. A compliance consultant can assist in determining whether your
company should consider a compliance assessment.
With more than 500 professionals serving diverse clients across the United
States, Postlethwaite & Netterville, APAC (P&N) is a top 100 U.S. accounting
and business advisory firm and an established Gulf South leader. We provide
comprehensive accounting and audit, tax, technology and business consulting
services, backed by 65 years of experience and the depth of resources to
consistently deliver uncompromising quality and responsive, innovative
services. Through significant industry leadership, including the current AICPA
Vice Chairman, P&N plays an active role in moving our profession forward.
Learn more at www.pncpa.com.
Postlethwaite and Netterville, A Professional Accounting Corporation
HUMAN RESOURCES
Fair Labor Standards Act
EEOC Compliance – Race, Gender,
Pregnancy, etc.
Age Discrimination
Benefit Regulations – Healthcare
Reform, HIPAA, COBRA, FMLA, ADA
Department of Labor –Wage and
Hour Compliance
Records/Paperwork – I-9’s, Record
Retention, Payroll documents, Benefit
Changes
AUDIT & ACCOUNTING + CONSULTING + TAX SERVICES + TECHNOLOGY www.PNCPA.com
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INFORMATIONTECHNOLOGY
Confidentiality
Data Loss Protection
Database Security Breach Notification
Law
Gramm-Leach-Bliley Act
HIPAA
Licensing
Security
Privacy Protection
VendorTesting and Compliance
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OPERATIONAL
ACH authorization and compliance
Proper collection and submission of
payroll taxes
State business licensing
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