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A compliance investigation is an in-depth inquiry of a government entity, profit, or non-profit organization when policies, procedures, or laws are suspected to have been violated. The investigation may look into potential fraud, waste, or abuse, or it may be related to regulations such as environmental quality or workplace standards. The goal of the investigation is to gather information and conduct independent disinterested third-party reviews and  interviews to identify any corrective measures the organization may need to take. 

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Internal Compliance

​​​Internal compliance refers to the policies, processes, and guidelines that an organization sets to protect against risks and promote accountability. It can include: 

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• Rules and regulations

  These rules and regulations are designed internally and followed by owners, employees, traders, and customers to maintain the quality of the organization's products or services. 

• Codes of conduct

  These codes of conduct are set by the business and include rules, protocols, and guidelines that employees are expected to follow. 

• Data privacy and security

  Internal compliance can help protect against data loss or theft, and establish data privacy and security. 

• Internal compliance audits

  These audits are often conducted by the organization's employees, but can also be done by a third party. The audits evaluate the performance of the compliance program, and identify any new risks or opportunities for improvement. 

• Internal compliance investigations

  When conducting an investigation, it's important to document the results and conclusions thoroughly. These documents will be referenced by the organization's regulators and other interested parties, so it's important to include all relevant information. 

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An organization's internal compliance program can help it avoid internal conflicts and maintain high operating standards.

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What Is EEO Compliance?

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Compliance to EEO policies and procedures encompasses an awareness of all the applicable HR laws and regulations for your business. It also includes the policies and procedures that ensure adherence to those regulations.

As employment laws and regulations have evolved, compliance has become increasingly complex, and the risk of penalties for non-compliance has escalated. To stay ahead of the curve, you will need to:

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• Follow all applicable HR employment laws, including federal, state, and local regulations

• Be prepared for a potential audit from enforcing agencies that may levy fines and penalties for non-compliance

• Understand that a lack of knowledge about your compliance obligations is typically not an acceptable defense for non-compliance

• Know that risks associated with lawsuits related to HR non-compliance can bankrupt a company

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Sources of HR Compliance

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Keeping track of the many areas that impact HR compliance gets complicated quickly. To remain aware of your compliance-related requirements, you must understand and adhere to rules that may come from several different areas, including but not limited to:

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• Statutory Compliance: Your business must comply with government laws, or statutes, that regulate the workplace. Statutory compliance in HR includes areas like minimum wage, employment taxes, equal opportunity employment, insurance, and other federal and state mandates.

• Regulatory Compliance: Regulatory compliance covers rules established by government agencies or regulatory bodies such as the Federal Trade Commission or the Department of Labor.

• Contractual Compliance: Contractual compliance refers to stipulations laid out in legally binding contracts between your business and other parties. These may include employees, independent contractors, third-party service providers, and clients.

​​​​​​​​​Business State Filing 

Your annual filing requirements are based on your business structure and the state. Still, there are a few common requirements to look out for:

• Annual report or biennial statement. Most states require one or the other. Some states set the due date on the anniversary of the business formation date, and other states pick a specific day for all businesses.

• Statement filing fees. Fees normally accompany the annual report or biennial statement, which can exceed $300.00.

• Franchise tax. Some states charge franchise taxes for corporations or LLCs that operate with their border. Formulas vary by state.

• Initial reports. Some states require initial reports and fees shortly after incorporation.

• Articles of Amendment. If you’ve made important changes to your company — like address, name, new shares, or membership — report it with articles of amendment.

Regulatory Federal Filing

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Most businesses won’t have federal requirements beyond paying federal taxes and complying with the Affordable Care Act. Make sure that you meet all federal tax obligations, including income and employer taxes.

 

The Affordable Care Act requires businesses with 50 or more employees to report to the IRS(Link is external) that they provide health coverage. If your business has any federal licenses, permits, or certificates, you’ll need to keep those up to date.

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Other Federal Requirements

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Some business activities are regulated but don’t require filing. Make sure to stay in compliance with any applicable marketing and advertising laws, copyright laws, workplace poster laws, workplace health and safety laws, and the Americans with Disabilities Act (ADA).

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Licenses and Permits

The documents for staying legally compliant vary based on your industry and location. Maintain any licenses, permits, or certificates your business received from your state, city, or county. Renewal requirements vary, so it’s best to check with local business licensing offices.

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For example, most restaurants need to regularly renew health and safety certificates. Businesses that sell regulated items like tobacco, alcohol, or tires might need to regularly renew their sales permits. For professional services like plumbing or nursing, the state might require certification with a third-party board to keep your license.

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For federal licenses, permits, and certificates, check with the issuing institution to confirm renewal requirements for your business. Here’s a list of some common federal agencies and departments that small businesses register with:

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• U.S. Department of Agriculture (USDA)(Link is external)

• Alcohol and Tobacco Tax and Trade Bureau (TTB)(Link is external)

• Federal Aviation Administration(Link is external)

• Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF)(Link is external)

• U.S. Fish and Wildlife Service(Link is external)

• National Oceanic and Atmospheric Administration(Link is external)

• The Federal Communications Commission

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What Does Nonprofit Compliance Mean?

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Compliance is the act of assuring the public that nonprofit organizations are obeying the appropriate laws, contracts and commitments that they enter into as a nonprofit organization. Compliance laws protect the public and ensure that nonprofit organizations are eligible to receive the financial advantages offered and that they do not abuse these advantages.

Depending on your state, funding and other factors, your compliance and audit requirements might vary. Requirements at the federal and state levels also vary. 

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Noncompliance can lead to dire consequences for your nonprofit organization, including:

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• Fines

• Lack of funds / Reduced funding

• Diminishing donor/supporter trust

• IRS audits

• Revocation of tax exempt status 

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Nonprofit Compliance Requirements

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In order to confidently run your organization, it’s important to have a strong understanding of nonprofit compliance requirements.

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Running a nonprofit is no small feat. In addition to the many struggles of running a business, nonprofits have additional hurdles to overcome as it relates to their mission, employment strategy, accounting, and compliance. While this last one, compliance, can tend to fall to the bottom of the priority list, it is actually one of the most important aspects to consider when running a successful and lasting nonprofit. 

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However, compliance is not always very straightforward and it can be a huge task to undertake on your own. We’re here to provide you with background, information, and support to ensure that you’re on top of your compliance requirements.

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Accounting, Recordkeeping and Forms

 

The accounting and reporting function of an organization will play a crucial role in ensuring that you remain compliant.  Understanding the intricacies of nonprofit accounting, you will want to know that you are engaging with someone who has a deepening knowledge of the following:

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• Nonprofit accounting 

• Unrestricted, temporarily restricted, and permanently restricted funds

• Fund accounting

• Cash and accrual basis accounting

• Presentation of financial statements 

• Accounting for donated assets

• Filing the proper forms at local, state and federal levels

• Reviewing accounting standards and updates

• Proper internal controls

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At Florida Business Consultants, we provide a comprehensive suite of services designed specifically for municipalities or private companies. We work closely with many of our clients on an ongoing basis to ensure compliance with internal rules and regulations, local municipal codes, state, and federal legislation. Florida Business Consultants stands ready to assist your organization with any issue of compliance ranging from human resources and protected equalities to financial and accounting compliance relative to  Generally Accepted Accounting Principles (GAAP).

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Call us or contact us today using our first contact form​ if you have any questions. We're happy to help!

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