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2022 - GAA II > 6) CPC - Part 2 > Flashcards

6) CPC - Part 2 Flashcards

1
Q

how to identify conflicts of interest?

A

identify cause of the conflict and remain alert to changes over time

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2
Q

how to evaluate conflicts of interest?

A

more direct the connection between matter and interest = less acceptable level

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3
Q

how to address conflicts of interest?

A
  • withdraw from decision-making process
  • safeguards = restructure resp, oversight
  • disclose and obtain consent from affected parties in writing
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4
Q

what are the requirements for pres/prep of information?

A
  • in accordance with reporting framework
  • not intended to mislead / influence
  • accurate and complete
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5
Q

what must the PA do when relying on the work of others?

A

have steps in place to ensure they meet the requirements for presentation/prep of information

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6
Q

what must the PA do when addressing info that is misleading?

A
  • discuss with a superior
  • correct the info
  • disclose the correction
  • inform users of new info
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7
Q

who may the PA consult with if the info continues to be misleading?

A
  • legal counsel

- professional body

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8
Q

what are the requirements for acting with sufficient expertise?

A
  • not intentionally mislead level of expertise

- only undertake significant tasks if you have sufficient training / experience

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9
Q

what can impact sufficient expertise?

A

insufficient time, info, experience

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10
Q

what safeguards are there for acting with sufficient expertise?

A
  • obtain assistance / training

- ensure adequate time to perform

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11
Q

what are the requirements for financial interests / compensation?

A
  • not manipulate info / use confidential info for personal gain
  • evaluate through significance
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12
Q

what is an inducement?

A

something used to influence another’s actions/behavior, not necessarily to improperly influence

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13
Q

what are the laws and regulations surrounding inducements?

A
  • prohibited in some places, some are not

- PA must have proper knowledge for if they are prohibited or not

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14
Q

do inducements not prohibited by law still propose a threat?

A

yes, for FPs

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15
Q

what would be considered improper influencing?

A
  • causing someone to act in an unethical manner

- determine if there is actual intent

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16
Q

what breach can arise from improper inducements?

A

breach of integrity if PA offers/accepts/encourages the o/a of an inducement which is intended to improperly influence

17
Q

what safeguards can be used for improper inducements?

A
  • informing senior mgmt

- amending / terminating the relationship with the offeror

18
Q

when does the conceptual framework apply for inducements?

A

when the PA determines there was no intention to improperly influence

19
Q

what do we do with inducements deemed to be trivial or inconsequential?

A

any threats will be at an acceptable level; so nothing

20
Q

which threats can be created by inducements?

A
  • self-interest
  • familiarity
  • intimidation
21
Q

what actions can eliminate threats from inducements?

A
  • declining / not offering

- transferring resp to another individual who will likely not be influenced by the inducement

22
Q

what are some safeguards for inducements?

A
  • be transparent with senior mgmt
  • registering inducement in a log
  • donate to charity
  • reimburse the cost
  • return
23
Q

what is the process for inducements to/from family members of the PA?

A
  • remain alert
  • determine / conclude if their is intent
  • advise not to accept/offer
24
Q

when may a threat to CPC compliance be created for family inducements?

A
  • family members offers/accepts despite advice

- PA doesn’t believe there is an intent to influence

25
Q

who can commit NOCLAR?

A
  • employing organization
  • TCWG
  • mgmt
  • workers
26
Q

what must the PA do ito legal provisions for NOCLAR?

A
  • obtain an understanding and comply with laws
  • know if they must report
  • know if they are prohibited from notifying the person who NOCLARs
27
Q

what are the resp of TCWG and mgmt ito of NOCLAR?

A

must identify and address any NOCLAR by members, the org, TCWG

28
Q

what is the responsibility of senior mgmt for NOCLAR?

A

there is a greater expectation for them to take action, in the interest of the public, against NOCLAR

29
Q

what steps must a senior PA take if they suspect NOCLAR?

A
  • obtain an understanding of the matter
  • attempt to get the matter investigated internally
  • discuss with superior
  • assess the response of superiors
  • determine if further action needs to take place
30
Q

with whom can a senior PA consult for NOCLAR?

A
  • internally
  • legal advice
  • professional body
31
Q

when should the senior PA disclose the NOCLAR to an appropriate authority?

A

when it would not be contrary to the law; otherwise, it will help with the investigation of the matter

32
Q

what should the senior PA do when making disclosure of NOCLAR?

A
  • act in good faith

- exercise caution

33
Q

what must the senior PA document for NOCLAR?

A
  • matter
  • results of discussions
  • how superiors responded
  • courses of action considered
34
Q

why would the senior PA take further action against NOCLAR?

A

in the public interest

35
Q

what steps must a regular PA take against NOCLAR?

A
  • obtain an understanding of the matter
  • apply knowledge and exercise professional judgement
  • inform an immediate superior
  • disclose to authority in exceptional circumstances
36
Q

what shall a PA not do ito pressure to breach FP?

A
  • shall not allow pressure from others to allow in breach

- place pressure on others

37
Q

what are some safeguards for pressure to breach FP?

A
  • discuss with pressure exerter, superior
  • disclose in line with company policy (whistleblowing)
  • consult
38
Q

how can threats be eliminated for pressure to breach FP?

A

restructure of resp so that PA no longer has to be involved with the exerter

39
Q

what must the senior PA do if he suspects an imminent breach?

A
  • first consider whether to discuss with mgmt / TCWG
  • exercise professional judgement
  • determine whether to disclose to an appropriate authority

2022 - GAA II (21 decks)

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