CCEP COMPLETE EXAM PAPER WITH SOLVED
QUESTIONS AND ONE HUNDRED PERCENT
CORRECT VERIFIED ANSWERS
‣ What are the 7 elements of a Compliance Program? Answer: 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? Answer:
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?
Answer: 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? Answer: 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 Answer:
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... Answer: Ask counsel to prepare the written report
‣ Which of the following is the BEST outcome of a compliance and
ethics program? Answer: 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? Answer: 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. Answer:
Review the process after a period of time to determine if the problem is
resolved.
‣ What is the first step in the audit process? Answer: Identify a problem
‣ What is the second step in the audit process? Answer: Take corrective
action
‣ What is the third step in the audit process? Answer: Update policies &
procedures
QUESTIONS AND ONE HUNDRED PERCENT
CORRECT VERIFIED ANSWERS
‣ What are the 7 elements of a Compliance Program? Answer: 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? Answer:
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?
Answer: 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? Answer: 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 Answer:
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... Answer: Ask counsel to prepare the written report
‣ Which of the following is the BEST outcome of a compliance and
ethics program? Answer: 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? Answer: 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. Answer:
Review the process after a period of time to determine if the problem is
resolved.
‣ What is the first step in the audit process? Answer: Identify a problem
‣ What is the second step in the audit process? Answer: Take corrective
action
‣ What is the third step in the audit process? Answer: Update policies &
procedures
