Noncompliance with laws and regulations usually does not result in fines,litigation,or other consequences for the company that may have a material effect on the financial statements.

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Quizplus · Accepted Answer

Noncompliance with laws and regulations can result in fines, litigation, and other consequences that may have a material effect on the financial statements. This is because noncompliance can lead to penalties, legal settlements, or reputational damage that can impact the company's financial performance. Failure to properly disclose such noncompliance can also result in regulatory action or legal liability.

Noncompliance with Laws and Regulations Usually Does Not Result in Fines,litigation,or