CRM Regulatory Compliance 2

Question 1

Under the Sarbanes-Oxley Act (SOX), how long must public companies retain audit workpapers?

Accepted Answer

7 years

Answer

SOX Section 802 requires audit workpapers to be retained for 7 years after the audit or review concludes.

Question 2

Which HIPAA rule specifically governs the safeguarding of electronic protected health information (ePHI)?

Accepted Answer

Security Rule

Answer

The HIPAA Security Rule establishes national standards to protect ePHI created, received, used, or maintained by covered entities.

Question 3

The Freedom of Information Act (FOIA) applies to records held by which type of entity?

Accepted Answer

Federal executive branch agencies

Answer

FOIA (5 U.S.C. § 552) grants the public the right to request records from federal executive branch agencies.

Question 4

A records manager discovers that a litigation hold was issued after some responsive documents were already destroyed per the normal retention schedule. What is the most appropriate immediate action?

Accepted Answer

Document the destruction and notify legal counsel immediately

Answer

When pre-hold destruction occurs, the records manager must document the circumstances and promptly notify legal counsel to assess spoliation risk.

Question 5

Which regulation requires financial institutions to implement customer information security programs and report breaches to regulators?

Accepted Answer

Gramm-Leach-Bliley Act (GLBA)

Answer

GLBA's Safeguards Rule requires financial institutions to develop, implement, and maintain a comprehensive information security program.

(CRM) Certified Records Management Practice Test

(CRM) Certified Records Management Practice Test

CRM Regulatory Compliance 2