Regulatory Frameworks & Compliance Flashcards
7 cards from real Certified Internal Auditor practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Regulatory Frameworks & Compliance flashcards as text
Which of the following best describes a 'gap analysis' in the context of regulatory compliance?
Answer: A comparison of current practices against regulatory requirements to identify deficiencies
A gap analysis systematically compares an organization's existing controls and practices against required standards to identify where compliance is deficient.
Under the Americans with Disabilities Act (ADA), which of the following is a covered employer's primary obligation?
Answer: Providing reasonable accommodations unless it causes undue hardship
The ADA requires covered employers to provide reasonable accommodations to qualified individuals with disabilities unless doing so would impose undue hardship.
An internal auditor assessing OSHA compliance would primarily review which of the following?
Answer: Workplace safety standards adherence, hazard communication, and recordkeeping
OSHA audits focus on compliance with safety standards, proper hazard communication (GHS/SDS), and accurate recordkeeping of workplace injuries and illnesses.
Which concept describes a company's self-imposed standards that go beyond minimum legal and regulatory requirements?
Answer: Ethics-based compliance
Ethics-based compliance refers to an organization adopting standards driven by values and integrity rather than merely meeting the minimum requirements of law.
A multinational company is subject to both the US FCPA and the UK Bribery Act. Which statement correctly identifies a key difference?
Answer: The UK Bribery Act covers facilitation payments; the FCPA permits them in limited circumstances
A key difference is that the UK Bribery Act prohibits facilitation (grease) payments absolutely, while the FCPA has historically permitted small facilitation payments.
When evaluating the design effectiveness of a compliance control, an internal auditor should ask:
Answer: Is the control capable of preventing or detecting the targeted compliance risk?
Design effectiveness testing determines whether a control, if operating as designed, can adequately address the identified compliance risk.
Under the Community Reinvestment Act (CRA), federal banking regulators evaluate institutions on their efforts to:
Answer: Meet the credit needs of the communities they serve, including low- and moderate-income areas
The CRA requires federally insured depository institutions to help meet the credit needs of all communities they serve, with particular emphasis on low- and moderate-income neighborhoods.