What is the purpose of financial compliance?
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It ensures organizations follow laws and internal policies regarding financial operations.
Which regulation sets the standard for financial transparency in the U.S.?
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The Sarbanes-Oxley Act enforces financial transparency and accountability.
What is the role of an external audit in compliance?
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External audits provide unbiased evaluations of financial statements and compliance.
What document outlines internal financial procedures?
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Policies and procedure manuals define financial operations and responsibilities.
What is one consequence of non-compliance?
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Non-compliance can lead to fines, sanctions, or reputational damage.
Which of the following is a key component of a financial control system?
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Segregation of duties ensures checks and balances in financial workflows.
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What role does documentation play in financial compliance?
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Documentation supports accountability and audit readiness.
Why is it important to conduct periodic reviews of compliance controls?
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Periodic reviews identify gaps and ensure controls remain effective.
Which financial record is essential for verifying transactions?
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The general ledger provides a complete record of all financial transactions.