7 What aspects of legislation can impact upon financial tran

7) What aspects of legislation can impact upon financial transactions and reporting? (80–100 words)

8)How can policies and procedures control spending? (80–100 words)

Solution

7) Today, businesses operate in a regulatory-intensive environment. The regulatory

requirements represent huge challenges for many organizations. For example, regulation may

require that an organization reevaluate its resource needs, skill sets and also assess the overall

impact of the legislation on the organization. To study the impact of legislation on

organizations, it is critical to first understand the concept of the organization i.e., the structure of

the organization, how it responds to stimuli and how it adapts to ensure its survival.

8) Financial policies and procedures actually guide operations and also lay out how the organisation Manages and uses its money.A manual for financial procedures normally brings these together as one document.