DECA

compliance audit

compliance audit

an independent evaluation to ensure that an organization is following external laws, rules, and regulations or internal guidelines, such as corporate bylaws, controls, and policies and procedures.

master-servant relationshop

A hierarchical relationship where one person (the master) has control or authority over another person (the servant) in terms of work or service.

procedural law

The rules that govern how a legal case is processed and handled in court. It outlines the steps and procedures that must be followed, such as filing a complaint, serving notice, and presenting evidence. It ensures fairness and consistency in the legal process.

Statutory law

The law created by legislative bodies. It is a written law that is enacted by a legislative body, such as Congress or a state legislature.

commercial law

also known as business law, is a branch of law that governs business and commercial transactions. It covers contracts, sales, negotiable instruments, secured transactions, bankruptcy, and employment law. essential for businesses to operate legally and efficiently. It helps to ensure that businesses are protected from legal disputes and that they comply with regulations and laws.

administrative law

A branch of law that governs the activities of administrative agencies of the government. It covers the legal principles that control the powers and procedures of administrative agencies, including rulemaking, adjudication, and enforcement.

sole proprietorship

Type of business owned and run by a single person. The owner has unlimited liability and is responsible for all debts and obligations.

general partnership

A type of business where two or more partners share profits and losses, and are jointly liable for debts and obligations.

open corporation

A type of business organization where ownership is represented by shares of stock that are publicly traded on stock exchanges. It has no limit on the number of shareholders and provides limited liability protection to its owners. The management is carried out by a board of directors elected by shareholders.

private enterprise

A system where businesses are owned and operated by individuals or groups, rather than the government. It allows for competition and innovation, with profits going to the owners.

fiduciary responsibility

A legal obligation to act in the best interest of someone else, putting their needs above your own. Often applies to financial advisors, trustees, and other professionals handling someone else's assets.

Tax-deductible gift

A donation or contribution made to a qualified charitable organization that can be deducted from taxable income.

Virtual auditor

A person who examines and evaluates something, typically a document or a piece of work, to provide feedback, identify errors, and suggest improvements.

comparative reasoning

used to identify financial system transactions that are very similar to each other but not exactly alike

contextual reasoning

used to consider each financial transaction’s circumstances and how they compare to historical patterns in the system

temporal reasoning

consider the timing of a financial transaction

cross-source reasoning

used to compare financial transactions and processes in multiple financial systems

Who benefits from a customer-service mindset?

Businesses: leads to reduced complaints, repeat business and greater profits

Who listens to customer complaints first?

salesperson