CCEP: Set 2 Exam Questions and Answers 100% Solved
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Course
CCEP
Institution
CCEP
CCEP: Set 2 Exam Questions and Answers 100% Solved
An effective organizational code of conduct should include
A. where to seek help and clarification when in doubt.
B. a requirement for an annual baseline audit.
C. a list of officers and directors.
D. periodic compliance training. Correct ...
Which of the following is the BEST outcome of a compliance and ethics
program? Mitigating risk
A compliance and ethics professional receives an anonymous complaint that an employee is
receiving gifts from a vendor. An investigation finds the employee is not in violation of the
current gift policy and the policy has not been reviewed in five years. Which of the following is
the compliance and ethics professional's MOST appropriate action? Benchmark for
vendor relation best practices
A problem was found in a routine accounting audit. Corrective action was taken and the policies
and procedures were updated. Which of the following is the next step in the audit process?
A) Report findings to the board of directors
B) Prepare the final summary and storage of the audit results
C) Review the process after a period of time to determine if the problem is resolved
D) Conduct a risk assessment to identify other possible issues. Review the process after a
period of time to determine if the problem is resolved.
What is the first step in the audit process? Identify a problem
What is the second step in the audit process? Take corrective action
What is the third step in the audit process? Update policies & procedures
What is the fourth step in the audit process? Communicate changes(s) to affected parties
,What is the last step in the audit process? Review process and documentation after a
period of time to ensure success.
If in the course of their work, CEPs become aware of any decision by their employing
organization which, if implemented, would constitute misconduct, the professional shall:
(A) refuse to consent to the decision
(B) escalate the matter, including the highest governing body, as appropriate
(C) if serious issues remain unresolved after exercising "a" and "b", consider resignation; and
(D) report the decision to public officials when required by law Principle 1 - Obligations to
the Public (SCCE Code of Professional Ethics)
The CEPs ethical duty under this rule complements the duty of senior management and the
highest governing body to assure themselves "that information and reporting systems exist in
the organization that are reasonably designed to provide to senior management and to the
board, each within its scope, to reach informed judgments concerning both the corporation's
compliance with law and it's business performance." Principle II - Obligations to the
Employing Organization (Fiduciary Duty)
Do not agree to unreasonable limits that would interfere with your professional ethical and legal
responsibilities (e.g. lack of resources, lack of access) Principle III - Obligations to the
Profession
Do not disclose without consent or compulsory legal process confidential information about the
business affairs or technical processes of any present or former employing
organization. Principle III - Obligations to the Public
Whistleblower Protection Act Dodd-Frank Wall Street Reform Act - 1989 law that protects
federal employees from being punished for reporting government/agency misconduct.
Sarbanes-Oxley Act (SOX) Requires companies to review internal control and take
responsibility for the accuracy and completeness of their financial reports.
, What are the 7 elements of a Compliance Program? 1. Standards of Conduct/Policies and
Procedures, 2. Compliance Officer and Compliance Committee, 3. Education/Training, 4.
Monitoring/Auditing, 5. Reporting and Investigating, 6. Enforcement and Discipline, 7. Response
and Prevention
A CFO discovers the CEO is using company funds for personal expenses. The CFO buried this
information in the company's financial reports. The compliance and ethics professional learns of
the situation through the company's hotline. Which of the following should be the compliance
and ethics professional's FIRST response? Investigate to verify the allegation
Which of the following is the MOST effective way a compliance and ethics professional can
evaluate compliance and ethics audit findings? Conduct trend analysis on identified risk
areas and benchmark results against industry standards
Which of the following BEST describes the primary role of people of a compliance and ethics
professional? Promotes a culture of compliance and ethics throughout the organization
A US-based retail company has 250 stores in 30 states. Past compliance efforts have included a
silo-based approach with minimal oversight and the CEO acting as the Compliance and Ethics
Officer. One person in each state posted compliance-related information sent from corporate,
but there were no actual educational sessions. Policies and procedures were developed by
corporate and reviewed 5 years ago. The organization has decided that a more dedicated
approach is needed and hires a Compliance and Ethics Officer. Which of the following actions
should the new Compliance and Ethics Officer take FIRST?
A.) Conduct a compliance and ethics risk assessment
B.) Review organization-wide compliance policies
C.) Perform a statistically valid compliance audit
D.) Distribute a compliance training packet to employees Conduct a compliance and
ethics risk assessment
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