Standard: Understands business’s responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions
Performance Element: Explore the regulatory environment of United States’ businesses to understand the diversity of regulations.
Performance Indicators:
Discuss the role of administrative law (BL:074) (SP)
Performance Element: Understand human-resources laws and regulations to facilitate business operations.
Performance Indicators:
Explain the nature of workplace regulations (including OSHA, ADA) (BL:008) (SU)
Performance Element: Understand tax laws and regulations to adhere to government requirements.
Performance Indicators:
Explain the nature of businesses’ reporting requirements (BL:010) (ON)
Develop strategies for legal/government compliance (BL:011) (ON)
Performance Element: Implement compliance measures in accounting to adhere to regulatory requirements.
Performance Indicators:
Explain financial disclosure regulations and policies (BL:153) (SP)
Performance Element: Acquire a foundational knowledge of compliance to understand its nature and scope.
Performance Indicators:
Describe the use of technology in compliance (BL:149) (SP)
Performance Element: Implement compliance measures in corporate finance to adhere to regulatory requirements.
Performance Indicators:
Comply with financial reporting and internal control laws and regulations in corporate finance (BL:155) (SP)
Performance Element: Understand government/legal activities that affect global trade to make business decisions.
Performance Indicators:
Explain regulations restricting customer trade (e.g., OFAC, FCPA, anti-bribery) (BL:156) (SP)
Comply with export licensing regulations (BL:127) (SP)
Performance Element: Implement human-resources laws and regulations to ensure equitable treatment of employees and to meet government requirements.
Performance Indicators:
Explain unfair labor practices (BL:119) (SP)
Comply with compensation and benefit laws (BL:120) (SP)
Performance Element: Develop a compliance program to protect the company wellbeing.
Performance Indicators:
Explain the nature of a compliance program (BL:162) (SP)
Develop policies/procedures to comply with regulatory requirements and self-regulatory guidelines (BL:150) (MN)
Explain the elements of a compliance program (BL:130) (MN)
Discuss functional areas of a compliance audit (BL:131) (MN)
Develop a compliance program (BL:132) (MN)
Measure compliance program effectiveness (BL:147) (MN)
Standard: Understands the economic principles and concepts fundamental to business operations
Performance Element: Understand the nature of business to show its contributions to society.
Performance Indicators:
Explain the nature of business ethics (EC:106, LAP-EC-106) (SP)
Performance Element: Acquire knowledge of the impact of government on business activities to make informed economic decisions.
Performance Indicators:
Determine the relationship between government and business (EC:008, LAP-EC-008) (CS)
Standard: Understands tools, strategies, and systems used to maintain, monitor, control, and plan the use of financial resources
Performance Element: Implement suitable internal accounting controls to ensure the proper recording of financial transactions.
Performance Indicators:
Explain the purpose of internal accounting controls (FI:343, LAP-FI-343) (SP)
Assess financial accounting fraud risk (FI:706) (SP)
Determine the components of internal accounting control procedures for a business (FI:479) (SP)
Maintain internal accounting controls (FI:480) (SP)
Assess the effectiveness of internal accounting controls (FI:707) (MN)
Develop internal accounting control procedures (FI:708) (MN)
Performance Element: Conduct an audit to verify the integrity of a business’s financial reporting process, accounting functions, and internal controls.
Performance Indicators:
Explain the nature of audits and assurance engagements (FI:344) (SP)
Distinguish between internal and external audits (FI:713) (SP)
Describe auditing techniques/procedures (FI:714) (SP)
Discuss the requirements to consider fraud in financial statement audits (FI:481) (MN)
Review audit evidence (FI:716) (MN)
Prepare auditing reports (FI:483) (MN)
Performance Element: Manage financial risks to protect a business’s financial well-being.
Performance Indicators:
Assess fraud risk (FI:777) (MN)
Standard: Understands the processes and systems implemented to monitor, plan, and control the day-to-day activities required for continued business functioning
Performance Element: Adhere to health and safety regulations to support a safe work environment.
Performance Indicators:
Report noncompliance with business health and safety regulations (OP:005) (PQ)
Performance Element: Determine needed safety policies/procedures to protect employees.
Performance Indicators:
Establish safety policies and procedures (OP:012) (MN)
Performance Element: Comply with security rules, regulations, and codes (e.g., property, privacy, access, confidentiality) to protect customer and company information, reputation, and image.
Performance Indicators:
Explain information privacy, security, and confidentiality considerations in business (OP:441) (CS)
Maintain data security (OP:064) (CS)
Performance Element: Maintain property and equipment to facilitate ongoing business activities.
Performance Indicators:
Conduct safety inspections (OP:490) (SP)
Performance Element: Abide by risk-management policies and procedures for technology to minimize loss.
Performance Indicators:
Adhere to laws pertaining to computer crime, fraud, and abuse (OP:208) (CS)
Performance Element: Troubleshoot health and safety problems to foster a safe work environment.
Performance Indicators:
Conduct an accident investigation (OP:481) (SP)
Implement workplace injury/occupational illness procedures (e.g., worker’s compensation, OSHA) (OP:225) (MN)
Ensure compliance with all applicable workplace health and safety laws and regulations (OP:226) (MN)
Facilitate investigation procedures of workplace safety, health, and security enforcement agencies (OP:227) (MN)
Performance Element: Develop and analyze human-resources programs, practices, and services that promote the physical and mental well-being of individuals in the workplace to protect individuals and the workplace.
Performance Indicators:
Evaluate security plans to protect the company from liability (OP:321) (MN)
Performance Element: Manage operational risks to protect a business’s financial well-being.
Performance Indicators:
Identify the factors that contribute to operational risk (e.g., insufficient training, lack of supervision, inadequate security, poor system design, poor HR policies) (OP:447) (SP)
Discuss the nature of operational risk management (OP:448) (SP)
Assess legal risks (OP:469) (MN)
Evaluate speculative business risks (OP:470) (MN)
Standard: Understands concepts, tools, and strategies used to explore, obtain, and develop in a business career
Performance Element: Understand careers in business finance to determine which role and responsibilities best match personal abilities and traits.
Performance Indicators:
Describe the role and responsibilities of risk management personnel (PD:218) (SP)
Performance Element: Acquire knowledge of corporate governance to be aware of the restraints imposed upon finance functions.
Performance Indicators:
Discuss the importance of corporate governance in business (PD:213) (CS)
Describe the components of a well-governed company (e.g., board of directors, reporting, transparency, internal and external audit functions) (PD:214) (SP)
Performance Element: Acquire knowledge of auditing standards to attest to the integrity of a business’s finances.
Performance Indicators:
Discuss the nature of auditing/attestation standards (PD:341) (SP)
Standard: Understands tools, techniques, and systems that affect a business’s ability to plan, control, and organize an organization/department
Performance Element: Implement corporate social responsibility to achieve business objectives.
Performance Indicators:
Monitor compliance with corporate social responsibility policies (SM:083) (SP)
Develop corporate social responsibility policies (SM:085) (MN)
Performance Element: Identify potential business threats and opportunities to protect a business’s financial well-being.
Performance Indicators:
Explain the nature of risk management (SM:075, LAP-SM-075) (SP)
Standard: Understands risk-management strategies and techniques used to minimize business loss
Performance Element: Acquire a foundational understanding of risk management to demonstrate knowledge of its nature and scope.
Performance Indicators:
Explain the role of ethics in risk management (RM:041, LAP-RM-041) (SP)
Discuss legal considerations affecting risk management (RM:043) (SP)
Discuss record retention requirements applicable to correspondence and documentation (RM:074) (SP)
Explain the role of operations and compliance in risk management programs (RM:075) (SP)
Performance Element: Explore risk control to understand its relationship to risk management.
Performance Indicators:
Describe the importance of auditing risk control (RM:060) (MN)
Performance Element: Administer contracts to achieve organizational goals and minimize risk.
Performance Indicators:
Identify financial risk factors associated with business contracts (e.g., ratio requirements, restricted transactions, financial report filing requirements) (RM:077) (SP)
Monitor for breach of contract of non-performance related terms and conditions (RM:078) (SP)
Maintain contract compliance documentation (RM:079) (SP)
Identify operational risk factors associated with business contracts (RM:096) (SP)
Develop monitoring programs for restrictive contract requirements (RM:082) (SP)
Establish processes for timely reporting of required information (RM:083) (SP)
Performance Element: Manage risk to protect a business’s well-being.
Performance Indicators:
Discuss the nature of global risk (RM:065) (SP)
Describe types of indicators used to manage business risk (e.g., key risk indicators, key performance indicators, key process indicators) (RM:088) (SP)
Monitor third-party relationships for potential risk (RM:066) (SP)
Discuss the relationship between risk and business objectives (RM:044) (MN)
Assess enterprise risk (RM:067) (MN)