company's industry, economic conditions, and competitive pressures. Understandable operations objectives give clear direction as to how to allocate resources and are a key factor in corporate success.
Most compliance objectives,and many reporting objectives, are imposed by external entities due to law or regulations. For example, some entities must comply with requirements to submit information to government agencies, such as the Internal Revenue Service. Others, such as publicly traded have to send reports to c securities regulators. A company's reputation can be im significantly by how well it meets its compliance and reporting objectives.