Name: Learning objectives
Uploaded: 2023-02-27
Duration: 1 min 8 s
Description: Welcome to KPMG Professional Services. This presentation will enable you to gain an understanding of compliance and its common types, evolution of compliance over decades, importance of compliance, as well as barriers to compliance, and consequences of non compliance..

[Audio] Welcome to KPMG Professional Services. This presentation will enable you to gain an understanding of compliance and its common types, evolution of compliance over decades, importance of compliance, as well as barriers to compliance, and consequences of non compliance.. 

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© 2023 KPMG professional Services, a professional closed joint stock company registered in the Kingdom of Saudi Arabia. With paid-up capital of SAR40,000,000. (Previously known as “KPMG Al  Fozan  & Partners Certified Public Accountants.”) A non-partner member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Discuss the definition of Compliance and the types of Compliance

Create an awareness of the Importance of compliance

[Audio] Compliance is an organization's ability to adhere to all relevant legal and regulatory requirements. It is a critical internal control, involving top management's commitment to address legal and regulatory matters, and the establishment of proper internal controls. Employees must be aware of laws and regulations that apply to them and be able to effectively implement and comply with them. Organizations must comply with both external, such as laws and regulations from government authorities, and internal sources, such as decisions from senior management and the Board. Understanding and upholding compliance requirements keeps the organization current on rules and regulations and safeguards its assets. Thank you.. 

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What to comply with? Company need to comply with compliance requirements arising from:

In general, compliance is an ongoing process and the outcome of an organization meeting its compliance requirements through conforming to laws, regulations, standards, etc.

External laws and regulations applicable to WDC 01

Regulatory orders received from Governmental Authorities 03

Standard or Guidelines applicable to WDC 02

Key decisions and policies by senior management and Board 04

Learning objectives

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This presentation will enable you to gain an understanding of compliance and its common types, evolution of compliance over decades, importance of compliance, as well as barriers to compliance, and consequences of non compliance.

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Compliance is an organization's ability to adhere to all relevant legal and regulatory requirements

It is a critical internal control, involving top management's commitment to address legal and regulatory matters, and the establishment of proper internal controls

Employees must be aware of laws and regulations that apply to them and be able to effectively implement and comply with them

Organizations must comply with both external, such as laws and regulations from government authorities, and internal sources, such as decisions from senior management and the Board

Understanding and upholding compliance requirements keeps the organization current on rules and regulations and safeguards its assets