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Privacy: a risk management issue


Privacy is a risk management issue for all organisations; it comprises the rights and responsibilities of individuals and organisations in relation to the acquisition, utilisation, retention, disclosure, and disposal of personal information.

CPAs are skilled at conducting risk assessments, which include privacy, for businesses and developing risk management solutions that can provide companies with competitive marketplace advantages.

CPAs apply a universal framework of privacy best practices against which the company's privacy policies can be assessed. CPAs can provide guidance to the organisations which they serve by using the Generally Accepted Privacy Principles (GAPP) to help assess their privacy-related risks, as well as to develop effective privacy policies and practices.

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Dwindling tax base and shrinking tax revenue in Sri Lanka

 

Taxation is necessary to raise money to finance public expenditure, as well as one of the main weapons used by the Government of the day in managing the economy. This includes the use of the tax system to offer incentives to earn and save.

Too much spending by the Government, accompanied by too little taxation, will cause inflation, which can lead to recession.
Sri Lanka, a country with 20.2 million people, has income tax payers of 897,000 persons. This figure includes 530,000 people paying taxes through the pay as you earn (PAYE) scheme and 367,000 others.