The statement above is FALSE.
The correct sentence is this: Any person who knowingly submit false claims to the government is liable for THREE TIMES the government damages caused by the violator plus a penalty. This means that the violator will three fold of the damages he causes not five folds.
Answer:
A) the law does not codify all ethical requirements.
Explanation:
Laws are meant to be generally and applicable to all individuals or organizations. It is absolutely impossible that laws could be made specifically for every single person, business, organization, and that it covers all their possible actions.
Imagine that there are over 32.5 million businesses in the US, that means that 32.5 million laws should be made. How many more laws regarding specific circumstances should there be?
Each company should try to have their own business ethics code, which should be followed specially by the upper management. It is a form of self-regulation, but it will all depend on the company to follow it.
Answer:
C. Compliance reports relying on XBRL are more advanced than electronic PDFs.
Explanation:
Compliance reporting is a document compiled by often by the chief compliance officer that shows how a company is complying with the set rules, standards or regulations, examples of compliance report may be financial, technical, operational, and cybersecurity reports.
Compliance report relying on XBRL are more advanced than electronic PDFs because it gives easy access to communicate between businesses, it is also reliable and reusable means of information sharing.
