CCEP Flashcards
(37 cards)
What do compliance and ethics programs do? (2 things)
(1) Prevent and detect misconduct at and by organizations; and (2) Promote ethical business environments
Compliance and ethics programs serve a critical role in helping to _____________ and _____________ misconduct at and by organizations, and to __________________ ethical business environments.
Prevent, Detect, and Promote.
Development and implementation of effective compliance and ethics programs protect who (4 groups)?
Investors, consumers, the business community, and public at large.
Compliance services require the highest standards of:
Professionalism, Integrity & Competence
Code of Ethics expresses the profession’s recognition of its responsibilities to:
The general public, to employers and clients, and to the profession.
Code of Ethics has been adopted by whom?
Society of Corporate Compliance and Ethics
Code of Ethics provides two kinds of standards:
(1) Principles and (2) Rules of Conduct
What are Principles?
Broad standards that provide a framework for the more detailed Rules of Conduct.
What are Rules of Conduct?
Rules of Conduct are specific standards that prescribe the minimum level of professional conduct expected of CEPs.
Both the ______________ and the___________________ are expected to comply with the Code.
Individual professional and professional community.
__________________ is provided for some Rules of Conduct.
Commentary
Employing organization includes:
the employing organization and clients
Law or Laws include:
All national, state, provincial, and local laws and regulations, court orders, and consent agreements
Misconduct includes:
Both illegal acts and unethical conduct
Highest governing body refers to:
The highest policy and decision-making authority in an
organization, such as the board of directors or trustees of an
organization
Principle I
Obligations to the Public
Principle II
Obligations to the Employing Organization
Principle III
Obligations to the Profession
(Principle I) In order to contribute to the public good, CEPs should:
(1) abide by and promote compliance with the spirit and letter of the law governing their employing organization’s conduct; and (2) exemplify the highest ethical standards in their professional conduct.
CEPs shall not _____, _______, or ________ in misconduct.
Aid, abet, or participate.
CEPs shall take _________________________ as are necessary to prevent misconduct by their employing organizations.
Such steps.
CEPs must exercise _______ ___________ in responding to or cooperating with all official and legitimate government investigations of or inquiries concerning their employing organization.
sound judgment. You may never lie or obstruct in an investigation!
If CEPS become aware of misconduct, the professional shall:
(1) refuse to consent; (2) escalate the matter, including to the highest governing body; (3) consider resignation if the prior options do not work; and (4) report the decision to public officials when required by law.
(Principle II) CEPs should:
(1) serve their employing organizations with the highest sense of integrity; (2) exercise unprejudiced and unbiased judgment on their behalf; and (3) promote effective compliance and ethics programs.