CCA Ethics, Compliance, and Regulatory Standards

Question 1

What is the primary purpose of a code of ethics in construction auditing?

Accepted Answer

To guide professional behavior

Answer

To outline marketing strategies

Answer

To define technical requirements

Answer

To increase project profits

Question 2

Which law helps prevent fraud in financial reporting in public construction projects?

Accepted Answer

Sarbanes-Oxley Act

Answer

Dodd-Frank Act

Answer

Freedom of Information Act

Answer

Fair Credit Reporting Act

Question 3

What is a key ethical obligation of a construction auditor?

Accepted Answer

Maintain independence and objectivity

Answer

Support contractor profitability

Answer

Ensure client wins all disputes

Answer

Report only to project managers

Question 4

Which regulation applies to federal construction contracts in the U.S.?

Accepted Answer

Federal Acquisition Regulation (FAR)

Answer

HUD Manual

Answer

NEPA Guidelines

Answer

OSHA Guidelines

Question 5

Which of the following best prevents conflicts of interest in construction auditing?

Accepted Answer

Disclosing potential conflicts

Answer

Allowing flexible audit rules

Answer

Prioritizing relationships

Answer

Ignoring small connections

Question 6

What is one function of regulatory compliance in construction auditing?

Accepted Answer

To meet legal and industry standards

Answer

To improve marketing efforts

Answer

To avoid operational delays

Answer

To create contractor loyalty