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Compliance

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  • 1. COMPLIANCEWhat is compliance?Compliance is defined as adherence to a policy, regulation, or standard.Compliance covers a broad spectrum of areas, but businesses are generally atmost 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), theAffordable Care Act and others impact multiple areas of operations and arecomplex 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 legalrisks. And, compliance does not just focus on adhering to policies andregulations. It includes documentation and reporting processing and proceduresto ensure that companies can illustrate compliance.What should companies do if they are not sure they are in compliance in allareas of risk?Getting a thorough understanding of areas of high risk for your organizationinvolves evaluating your current operations, completing an assessment todetermine 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 knowledgeand training. A compliance consultant can assist in determining whether yourcompany should consider a compliance assessment.With more than 500 professionals serving diverse clients across the UnitedStates, Postlethwaite & Netterville, APAC (P&N) is a top 100 U.S. accountingand business advisory firm and an established Gulf South leader. We providecomprehensive accounting and audit, tax, technology and business consultingservices, backed by 65 years of experience and the depth of resources toconsistently deliver uncompromising quality and responsive, innovativeservices. Through significant industry leadership, including the current AICPAVice Chairman, P&N plays an active role in moving our profession forward.Learn more at www.pncpa.com.Postlethwaite and Netterville, A Professional Accounting CorporationHUMAN RESOURCESFair Labor Standards ActEEOC Compliance – Race, Gender,Pregnancy, etc.Age DiscriminationBenefit Regulations – HealthcareReform, HIPAA, COBRA, FMLA, ADADepartment of Labor –Wage andHour ComplianceRecords/Paperwork – I-9’s, RecordRetention, Payroll documents, BenefitChangesAUDIT & ACCOUNTING + CONSULTING + TAX SERVICES + TECHNOLOGY www.PNCPA.com+++++++INFORMATIONTECHNOLOGYConfidentialityData Loss ProtectionDatabase Security Breach NotificationLawGramm-Leach-Bliley ActHIPAALicensingSecurityPrivacy ProtectionVendorTesting and Compliance+++++++++OPERATIONALACH authorization and complianceProper collection and submission ofpayroll taxesState business licensing+++

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