To comply with legal standards, which is essential? A) A history of serving on boards B) Having multiple business licenses C) Requiring an annual audit D) Adherence to financial ac... To comply with legal standards, which is essential? A) A history of serving on boards B) Having multiple business licenses C) Requiring an annual audit D) Adherence to financial activity legislations
Understand the Problem
The question is asking which option is essential to comply with legal standards. It presents four possible choices and seeks to identify the most relevant one concerning legal compliance.
Answer
Adherence to financial activity legislations.
The final answer is D) Adherence to financial activity legislations.
Answer for screen readers
The final answer is D) Adherence to financial activity legislations.
More Information
Compliance with financial activity legislation ensures that businesses operate within the legal framework set by governmental authorities, safeguarding against legal disputes and ensuring ethical business practices.
Tips
A common mistake is to assume that having multiple business licenses or requiring an annual audit satisfies legal compliance on its own; however, these are specific actions and not comprehensive legislative adherence.
Sources
- Standards for Accreditation and Requirements of Affiliation - msche.org
- A guide to business entity compliance and governance - wolterskluwer.com
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