Is this statement true or false? Financial accounts describe the performance of a business and have to be filed at Companies House.

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The term describes the ability to act according to an order, set of or request. In the context of financial services compliance operates at two levels. Level 1 - compliance with the rules that are imposed upon an organisation as a whole Level 2 - compliance with systems of control that are imposed to achieve compliance with the externally imposed rules.

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The role of reporting is to effectively measure the effects of business and events, record the on the business and those transactions and their consequences in a format that is useful to the users of the financial .