OCC UCE Final Exam Questions & Answers 2024/2025

OCC UCE Final Exam Questions & Answers 2024/2025 Goal of the overall control system? - ANSWERShelp maintain authority, recognize and identify the need for timely reporting and information Goal of internal control system? - ANSWERSprotect the banks assets, assure integrity of financial and operating records. Effective audit program depends on? - ANSWERScompetence and independence of the auditor. Proper scope and adequate procedures Chapter 7 bankruptcy. Who can file, what happens to debt? - ANSWERSThis type of bankruptcy can be filed by individuals, corporations, and partnerships. Complete liquidation of assets to pay off debt. Remaining debt is discharged. Chapter 11 bankruptcy; who can file, what happens to the debt? - ANSWERSType of bankruptcy available to individuals, corporations, and partnerships, but primarily businesses. allows debtor to remain in operation while be sheltered from some of its debt. Chapter 9 bankruptcy; who can file? - ANSWERSonly available to municipalities Chapter 13 bankruptcy; who can file what happens to debt? - ANSWERSKnown as the wage-earner bankruptcy - reorganizes debt to allow repayment under a 3-5 year plan. Creditors unable to pursue legal action. Can not be filed by partnerships or corporations Is an audit committee required for FSAs and Banks with assets between $500 million or more and less than $1 billion? - ANSWERSYes. The audit committee should be a majority of outside directors. Is an audit committee required for FSAs and Banks with assets of $1 billion or more? - ANSWERSYes, and the audit committee has to be all outside directors.