the proper period. For example, if a sales
order is inadvertently not closed and billed,
the revenue is not likely to be collected;
however, the company will have incurred
the related expense. Examples of compliance
objectives includes activities to ensure
the proper sales taxes are remitted to the
taxing authority, as well as collected
when due. The failure to properly invoice
and remit sales taxes can result in a significant
liability, including penalties and
interest. In fact, any one of the above transactions
can be significant for a smaller
organization if not properly handled.