Finance compliance training helps employees abide by regulatory standards.
Finance compliance helps staff learn new tools and methodologies applicable to company policies, regulatory standards and industry practices. This program ensures that employees are familiar with controls, processes and guidelines around financial reporting mechanisms. Finance specialists can take training sessions online and on-site or attend industry conferences. An effective compliance initiative increases workers' competence and productivity.
Purposes
Finance compliance training helps workers become familiar with the latest updates in regulations, business laws and accounting principles. In finance, an employee can learn new Financial Accounting Standards Board (FASB) pronouncements or internal audit standards. (FASB pronouncements typically become generally accepted accounting principles---or GAAP.) A tax specialist can learn new Internal Revenue Service rules and how they apply to specific industries. For instance, an accountant at an Iowa-based chemicals producer may attend a conference to learn new FASB rules regarding pharmaceutical companies.
Types
A company may deliver finance compliance training courses via four channels---on-site, online, academic and professional. Finance employees may take courses on a company's premises under the guidance of a senior specialist or an external expert. Human resources staff typically partner with finance managers to stage these sessions. A finance manager also may connect to a secure Web portal and choose relevant compliance courses to study. Alternatively, an auditor may take university courses or attend industry events to meet training requirements.
Features
A finance compliance curriculum can cover a wide variety of topics, including financial accounting, tax, regulatory, auditing or investment. Accounting compliance may relate to how financial statements adhere to GAAP. A tax compliance program may focus on new IRS guidelines as well as state and local laws. Auditing compliance may teach finance specialists ensure that internal controls and procedures are adequate and functional. Investment compliance relates to Securities and Exchange Commission rules.
Benefits
A finance compliance training program benefits various groups. A finance employee becomes productive and competent, and the increased competence may enhance chances for career growth. An employee holding a professional license (such as a certified public accountant) may meet minimum annual continuing professional education (CPE) hours by attending training sessions. Regulators and the sponsoring company also may benefit because productive employees are more reliable and can comply more effectively with laws.
Expert Insight
Occasionally, a firm may hire an industry expert to evaluate an internal training program and recommend improvements. This expert may be a CPA or a chartered financial analyst (CFA). The hiring decision typically depends on company size, industry and corporate needs. For instance, a U.S.-based multinational bank operating in the Middle East may hire a New York-based GAAP specialist to train local accountants in Saudi Arabia.
