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CCEP exam (Compliance)
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CCEP exam (Compliance)
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CCEP EXAM (COMPLIANCE) WITHCOMPLETE SOLUTION
o 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
An employee discloses that a supervisor has been verbally abusive. The same supervisor has also been
sexually harassing several employees in his department. The compliance program requires that findings
of harassment be documented and forwarded by the compliance and ethics professional to the CEO with
a recommendation for appropriate discipline. Counsel advises that no report be written because of
possible litigation. The compliance and ethics professional's BEST course of action is to... - Ask counsel to
prepare the written report
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
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