Failure to abide by the conformity rules provided by the government can result into problems like cancellation of production license or export halt etc. Therefore, it is deemed fairly important that organizations should adhere to the rules and regulations established by the government.
Government compliance is necessary for avoiding audits and investigations that are uncalled for. Federal agencies ensure that government data regarding fiscal policies etc stays protected and companies who fail to keep their noses out of the way have to suffer their due diligence.
Best practice actions vary according to the type of circumstance the government may be in. This includes deficits and surpluses. Planning of conformity rules is done in accordance to their outcomes in the previous fiscal years with close monetary evaluation of every concerning aspect.
There are certain factors that determine the budget formation of a government in lieu of best practices.
The Gross Domestic Product used to measure the prosperity of a government should be kept at a stable level. This will guarantee the government’s safety in economic terms.
The government should be able to reduce the level of unemployment in a country providing enough capacity to hire needy persons.
Policies regarding tax collection and imposition should be accounted for as they form a major part of the GDP every year.
The government should have enough supply of nutritious food for its people in case of natural disasters or emergencies. This surplus food storage should be separated from the supplies intended for daily use.
The government must also ensure that its people are getting adequate medical treatments which follow the rules and regulations listed by the department of Health and Human Services (HHS).
Education and Labor
The labor getting their due share in wages and work hours with proper education regarding their work is also the government’s responsibility. Ensuring that organizations are complying to the standards set by federal agencies is a key element in boosting a country’s economy.