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In simple words: "statutory" means "the laws and regulations". Complying with central and state acts will keep the company safe from legal risks. In terms of Computer Security this relates to local, state, national, and international laws governing the use of computers as well as the data they hold, process, and transmit. Examples of this would be complying with Sarbanes-Oxley and/or HIPPA in the USA and the EU Data Protection Directive in the EU.
In more detail:
Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about. For example, when you start a new business in most USA cities, you are supposed to go down to the courthouse and file a form stating what business you are now in. If you don't file it, few people will ever notice, and if they do, they usually just tell you to file it now. It behooves any company that uses computers to know what the relevant regulations are for their business, especially if they use computers to store, process, or transmit customer or employee data. If they are publicly traded, there will also be laws about handling, storing, transmitting, retaining, destroying, and disseminating that financial information.
Wiki User
∙ 7y ago
Statutory compliance involves adhering to the laws and regulations set forth by the government or regulatory authorities. This includes ensuring that an organization follows all mandatory rules related to labor laws, tax regulations, environmental laws, and any other legal requirements that apply to its operations. Companies must stay updated on changes in regulations to remain compliant.
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Why is statutory requirements important?
Statutory requirements are important because they are laws enacted by a governing body, such as a legislature, to regulate behavior and establish standards. Compliance with statutory requirements ensures legal obligations are met, promotes uniformity in behavior within society, and helps maintain order and fairness in various fields such as business, healthcare, and environmental protection. Failure to adhere to statutory requirements can result in legal consequences, penalties, and reputational damage.
What are and what is the difference between statutory and non statutory rights?
Statutory rights are rights that are established by laws or statutes, such as labor laws or consumer protection laws. Non-statutory rights are rights that are not specifically defined by law but may arise from common law principles or agreements between parties. The main difference is that statutory rights are clearly defined by written laws, whereas non-statutory rights rely on other sources for recognition and enforcement.
What is the past tense of compliance?
Compliance is a noun and does not have a past tense. The verb form is comply, and the past tense is complied.
What is estoppel and non-compliance with statutory formalities?
Estoppel refers to a legal principle that prevents a party from asserting a claim or defense that contradicts what they have previously stated or done. Non-compliance with statutory formalities refers to situations where a party fails to adhere to specific legal requirements set out in statutes or regulations, which can affect the validity or enforceability of their actions or agreements.
What is a Non statutory organisation?
A non-statutory organization is a group or entity that is not established or regulated by legislation. These organizations operate independently and are usually formed by individuals with a common interest or goal. Non-statutory organizations do not have legal standing granted by a specific law.
What are the benefits of statutory audit?
Compliance with regs.
What are the activities of statutory compliance management?
Compensation updatesIssuance of form 16Year-End Investment Proof collection and verificationAssistance during PF inspections and AuditsRegular Statutory UpdatesThese are some of the activities of Statutory Compliance Management from company like ADP India.
What are the features of compliance management?
Compliance management system from company like ADP India provides the features such as Statutory Compliance Audit Factory compliance Services CLRA Management Trust Management
What is statutory compliance in Hr in India?
The statutory compliane are difference in various states, typically statutory followed all the states are 1. Provident fund 2. ESIC 3. Professional tax/service Tax 4. Bonus Act 5.Gratuity 6.
What is the Format for statutory compliance in internal audit?
Because it saves the time of auditor since he needs not to present at the work place to auditing.
What is statutory?
In simple words: "statutory" means "the laws and regulations". Complying with central and state acts will keep the company safe from legal risks. In terms of Computer Security this relates to local, state, national, and international laws governing the use of computers as well as the data they hold, process, and transmit. Examples of this would be complying with Sarbanes-Oxley and/or HIPPA in the USA and the EU Data Protection Directive in the EU. In more detail: Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about. For example, when you start a new business in most USA cities, you are supposed to go down to the courthouse and file a form stating what business you are now in. If you don't file it, few people will ever notice, and if they do, they usually just tell you to file it now. It behooves any company that uses computers to know what the relevant regulations are for their business, especially if they use computers to store, process, or transmit customer or employee data. If they are publicly traded, there will also be laws about handling, storing, transmitting, retaining, destroying, and disseminating that financial information.
Are there privacy or compliance problems with HR outsourcing?
There may not be these kind of problems because some of the companies like ADP India also provides Hr outsourcing along with statutory compliance also.They will keep track incase if any changes in the regulations occurs,so there will not be any compliance problems.
What is statutory information?
Statutory information refers to information that is required by law to be disclosed or reported. This information is typically regulated and mandated by specific statutes or regulations that dictate what details must be included in certain documents or communications. Compliance with statutory information requirements is essential to avoid legal consequences.
Define statutory regulations?
Statutory regulations are rules and standards implemented by a government authority based on laws passed by the legislature. These regulations have a legally binding effect and are enforceable by law. They aim to ensure compliance with specific legal requirements or standards in various areas such as safety, health, environment, and employment.
Is SEBI a statutory body or non statutory body?
Statutory Body
What is the difference between statutory and non statutory audits?
what is the difference between statutory audit and non statutory audit.
What does the term iso9000 compliant mean?
The ISO900 is a a set of standards to assist companies in meeting the needs of customers while maintaining statutory and regulatory standards of a product or service. ISO900 compliance means a company meets these standards.
