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Describe the components of a corporation compliance plan. What is an example of an internal control?...

Describe the components of a corporation compliance plan. What is an example of an internal control? Why is this important?

You are the director of the respiratory department at a large hospital. You were told by the finance department you are over budget in expenses. What stakeholders and other roles in the hospital would you collaborate with to determine why expenses are high? What is the rationale for who you selected?

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Answer: The components of a corporation compliance plan are:

  • The proper training as well as education should be provided.
  • Compliance committee should be designated.
  • Effective communication source.
  • Internal auditing.
  • Process monitoring.
  • Follow up of rules and regulations.

The example of an internal control includes such as in case of bank, keeping cash in the locket. The internal control is important because it includes procedures and policies that can be utilized to bring out better outcomes. It means following the procedures or the polices to ensure the safety of the resources or assets of the organization.

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