SOP Compliance and Regulatory SOP 2

Question 1

What does an 'OSHA recordkeeping SOP' require employers to maintain?

Accepted Answer

Logs of work-related injuries and illnesses (OSHA 300/300A/301 forms) and to post the annual summary each February

Answer

OSHA's recordkeeping rule (29 CFR 1904) requires employers with 10+ employees to record qualifying injuries and illnesses and post the 300A summary from Feb 1 to Apr 30 each year.

Question 2

What is a 'Sarbanes-Oxley (SOX) compliance SOP' designed to ensure?

Accepted Answer

The reliability of financial reporting through documented internal controls, testing, and CEO/CFO certification for public companies

Answer

SOX SOPs document internal controls over financial reporting (ICFR), define how controls are tested, and establish the process for management and auditor attestation.

Question 3

What does an 'export controls SOP' govern for US companies?

Accepted Answer

The process for screening transactions, obtaining required licenses, and ensuring compliance with EAR, ITAR, and OFAC regulations on exports of controlled goods and data

Answer

Export control SOPs define screening procedures for customers and destinations against denied party lists, license determination processes, and record-keeping under EAR and ITAR.

Question 4

What is a 'whistleblower protection SOP' designed to do?

Accepted Answer

Providing a safe, confidential channel for employees to report suspected legal or ethical violations without fear of retaliation

Answer

Whistleblower SOPs define reporting channels (hotlines, compliance officers), confidentiality protections, investigation processes, and anti-retaliation safeguards required by laws like SOX and Dodd-Frank.

Question 5

What does a 'vendor compliance SOP' require from third-party suppliers?

Accepted Answer

That vendors meet defined legal, ethical, and quality standards through contracts, audits, and ongoing monitoring

Answer

Vendor compliance SOPs define contractual compliance requirements, audit rights, code of conduct expectations, and remediation processes for vendors who fail to meet standards.

SOP - Standard Operating Procedures Practice Test

SOP - Standard Operating Procedures Practice Test

SOP Compliance and Regulatory SOP 2