What is compliance and what is the procedure of statutory
compliance. Also can anybody send me the procedure for the
same purpose. Thanks and Regards,
HEERA KAMBOJ
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Answer Posted / Dhan Pal Sahu
Compliance refers to adherence to a set of rules, guidelines or regulations. Statutory Compliance specifically relates to compliance with laws and government regulations. The procedure for achieving statutory compliance typically involves the following steps:
1. Identify the relevant laws and regulations that apply to your business. This may include industry-specific regulations as well as general laws such as tax laws, labor laws, and environmental regulations.
2. Assess your current level of compliance with these laws and regulations. This may involve conducting an internal audit or seeking external advice from a lawyer or compliance consultant.
3. Develop an action plan to address any areas of non-compliance that were identified in the assessment phase. The action plan should outline the steps that need to be taken, who is responsible for each step, and a timeline for completing the actions.
4. Implement the action plan, monitor progress, and ensure that all necessary actions have been completed by the specified deadlines.
5. Maintain ongoing compliance by regularly reviewing your policies and procedures to ensure they remain up-to-date with any changes in the law.
6. Document all compliance activities and keep records of compliance-related documents for audit purposes.
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