Compliance and Auditing Regulatory Frameworks 3

Question 1

Which standard is the international benchmark for information security management systems (ISMS)?

Accepted Answer

ISO/IEC 27001

Answer

ISO/IEC 27001 is the internationally recognized standard specifying requirements for establishing, implementing, maintaining, and continually improving an information security management system.

Question 2

What does the term 'safe harbor' mean in the context of US data compliance?

Accepted Answer

A legal exemption from liability under certain conditions

Answer

In data compliance, a safe harbor is a legal provision that provides protection from liability when specific conditions or practices are met.

Question 3

Which act established the Public Company Accounting Oversight Board (PCAOB)?

Accepted Answer

Sarbanes-Oxley Act

Answer

The Sarbanes-Oxley Act created the PCAOB to oversee the audits of public companies, protecting the interests of investors and the public.

Question 4

Under HIPAA, a Business Associate Agreement (BAA) is required when a covered entity shares PHI with which type of party?

Accepted Answer

Third-party vendors handling PHI

Answer

A BAA is required when a covered entity discloses PHI to a third-party vendor (business associate) that performs functions or services involving the use of PHI.

Question 5

The Dodd-Frank Wall Street Reform and Consumer Protection Act created which regulatory agency?

Accepted Answer

Consumer Financial Protection Bureau (CFPB)

Answer

The Dodd-Frank Act of 2010 created the CFPB to oversee consumer financial products and services and enforce consumer protection laws.

Compliance and Auditing Practice Test

Compliance and Auditing Practice Test

Compliance and Auditing Regulatory Frameworks 3