Industry Regulations & Compliance Flashcards

Which federal law establishes privacy and security standards for protected health information (PHI)?

Answer: HIPAA

The Health Insurance Portability and Accountability Act sets national standards for protecting PHI.

Which agency enforces workplace safety and health standards in most private-sector U.S. workplaces?

Answer: OSHA

The Occupational Safety and Health Administration sets and enforces workplace safety standards.

Under the Fair Labor Standards Act, non-exempt employees must be paid overtime at what rate for hours over 40 in a workweek?

Answer: 1.5 times the regular rate

The FLSA requires at least time-and-a-half for non-exempt employees beyond 40 hours.

What is the main purpose of the Sarbanes-Oxley Act of 2002?

Answer: Improve accuracy and reliability of corporate financial disclosures

SOX was passed after accounting scandals to strengthen corporate financial reporting and internal controls.

Which law requires covered employers to provide up to 12 weeks of unpaid, job-protected leave for qualifying family and medical reasons?

Answer: FMLA

The Family and Medical Leave Act provides up to 12 workweeks of unpaid protected leave per year.

A compliance audit primarily serves to do which of the following?

Answer: Verify that operations follow applicable laws, regulations, and policies

Compliance audits assess conformity with legal requirements and internal policies.

Under FERPA, who generally holds the right to access education records once a student turns 18 or attends a postsecondary school?

Answer: The eligible student

FERPA rights transfer from parents to the student at age 18 or upon enrolling in postsecondary school.