Dealing with legislative change main compliance cost

Intheblack, Mar 2008

CONSTANT LEGISLATIVE CHANGE IS DEMANDING AND TIME-consuming. It is also one of the top two costs of compliance in Australia, according to an Australasian Compliance Institute (ACI) survey.

The respondents, which included 70 member organisations cited staffing and procurement, and audit as key costs, but the two dominant costs are: keeping abreast of, and implementing, legislative change; and ongoing compliance system monitoring and revision. Martin Tolar, ACI CEO says: "The member response to the survey provides a clear message for the new government. If there is to be any future change to the legislative landscape, the government needs to consider the effects of the changes carefully before enacting new legislation. The flow-on costs to business are significant."

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