Explain the basics of financial compliance.

Explanation should include

• adhering to the regulations of state and federal government oversight agencies (e.g., Internal Revenue Service [IRS])
• creating an audit trail to guard against cyber threats.

Process/Skill Questions:

• What does the term financial compliance mean?
• What are the various state and federal government agencies that oversee financial compliance?
• How might these agencies use personal or corporate tax returns to red-flag inconsistencies or track cyberattacks on the financial standing of a business?
• How often should an audit be conducted in a business?
• What is an audit trail?
• Who would conduct an audit for a business?