CCEP exam (Compliance) EXAM
QUESTIONS AND DETAILED CORRECT
ANSWERS | ALREADY PASSED A+
What \are \the \7 \elements \of \a \Compliance \Program? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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 \- \correct \Answers \✔✔ \-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... \- \correct \Answers \✔✔ \-Ask \counsel \to \prepare \the \
written \report
Which \of \the \following \is \the \BEST \outcome \of \a \compliance \and \ethics \program? \- \correct \
Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-
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. \- \correct \Answers \✔✔ \-Review \
the \process \after \a \period \of \time \to \determine \if \the \problem \is \resolved.
What \is \the \first \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Identify \a \problem
What \is \the \second \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Take \corrective \action
What \is \the \third \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Update \policies \& \
procedures
QUESTIONS AND DETAILED CORRECT
ANSWERS | ALREADY PASSED A+
What \are \the \7 \elements \of \a \Compliance \Program? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-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 \- \correct \Answers \✔✔ \-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... \- \correct \Answers \✔✔ \-Ask \counsel \to \prepare \the \
written \report
Which \of \the \following \is \the \BEST \outcome \of \a \compliance \and \ethics \program? \- \correct \
Answers \✔✔ \-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? \- \correct \Answers \✔✔ \-
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. \- \correct \Answers \✔✔ \-Review \
the \process \after \a \period \of \time \to \determine \if \the \problem \is \resolved.
What \is \the \first \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Identify \a \problem
What \is \the \second \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Take \corrective \action
What \is \the \third \step \in \the \audit \process? \- \correct \Answers \✔✔ \-Update \policies \& \
procedures
