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APRP Questions with complete solution, Exams of Nursing

Chamberlain College of NursingNursing

APRP Questions with complete solution

Typology: Exams

2023/2024

Available from 11/21/2024

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APRP "Cliff Notes"
COSO:
Enterprise Risk Management - correct answer The *Committee of Sponsoring Organizations* of the
Treadway Commission
*Goal* - To improve the quality of financial reporting through a focus on corporate governance, ethical
practices and internal control.
*ERM* considers activities at all levels of the organization:
• Entity
• Division
• Operating unit
• Function
COSO:
Objectives and Three Lines of Defense Model - correct answer *Objective Categories:*
1. Operational
2. Reporting
3. Compliance
*Three Lines of Defense*
*1. Own and manage* risk and control - Operationa1
*2. Monitor* risk and control in support of management - Reporting
*3. Provide independent assurance* to BOD & Sr Mgmt (internal audit) - Compliance.
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APRP "Cliff Notes"

COSO:

Enterprise Risk Management - correct answer The Committee of Sponsoring Organizations of the Treadway Commission Goal - To improve the quality of financial reporting through a focus on corporate governance, ethical practices and internal control. ERM considers activities at all levels of the organization:

  • Entity
  • Division
  • Operating unit
  • Function COSO: Objectives and Three Lines of Defense Model - correct answer Objective Categories:
  1. Operational
  2. Reporting
  3. Compliance Three Lines of Defense 1. Own and manage risk and control - Operationa 2. Monitor risk and control in support of management - Reporting 3. Provide independent assurance to BOD & Sr Mgmt (internal audit) - Compliance.

COSO:

Internal Control Components - correct answer Five Components: 1. Control Environment

  • Demonstrates commitment to integrity & ethical values
  • Exercises oversight responsibility
  • Establishes structure, authority and responsibility
  • Demonstrates commitment to competence
  • Enforces accountability 2. Risk Assessment
  • Specifies suitable objectives
  • Identifies and analyzes risk
  • Assesses fraud risk
  • Identifies and analyzes significant change 3. Control Activities
  • Selects/develops control activities
  • Selects/develops general technology controls
  • Deploys through policies and procedures 4. Information and Communication
  • Uses relevant information
  • Communicates internally
  • Communicates externally 5. Monitoring Activities
  • Conducts ongoing and/or separate evaluations
  • Evaluates and communicates deficiencies

Business Days M-F except Fed holiays Banking Day any business day (up to the bank's cut-off hour) when an FI is open for substantially all of its banking activities Regulation CC "next day availability" - correct answer 1. Cash deposited in person

  1. Electronic payments (wire transfer or ACH credit) is considered (deposited) when your FI has received both payment in collected funds and information on the account and the amount to be credited
  2. US Treasury checks deposited in person thru a "proprietary" ATM
  3. US Postal Service money orders deposited in person.
  4. Federal Reserve Bank and Federal Home Loan Bank checks deposited in person
  5. State or local govt checks deposited in person, if Payor and FI are in the same state
  6. Cashier's, certified, or teller's checks deposited in person
  7. On-us checks deposited in person or at on-premises ATMs or night depositories.
  8. The Expedited Funds Availability Act requires up to the first $200 of a non-"next-day" check(s) to be made available the next day. Exceptions When deposit types 1, 4, 5, 6, & 7 are made at one of your ATMs, the funds must be made available by the 2nd business day. Deposits, cash or check, made at a "nonproprietary" ATM must be made available by the 5th business day Regulation CC Delaying - correct answer For certain types of deposits, Reg CC permits FIs to delay, for a "reasonable period of time," the availability of funds. (i.e. one additional business day):
  9. Large deposits (any amount > $5K may be held but 1st $5K must b made available
  1. Redeposited checks unless is was returned due to missing endorsement or postdated
  2. Accounts that are repeatedly overdrawn 6 or more banking days-prior 6-mos.; or had a negative balance 2 or more days-prior 6 mos.
  3. Reasonable cause to doubt the collectibility
  4. Checks deposited during emergency conditions
  5. New customers open for less than 30 days An FI may impose longer exception holds, but may have the burden of proving that they are "reasonable." Deposits of cash, wire transfers and ACH credits are not eligible for exception holds. Regulation J Subpart A - correct answer Provides the legal framework for depository institutions to collect Checks and other items and to settle balances through the Federal Reserve System. In conjunction with Reg CC, Reg J establishes rules under which depository institutions may return unpaid checks through Federal Reserve Banks. FRB can issue operating circulars. Regulation J, Subpart B - correct answer Sets forth rules governing funds transfers via Fedwire. Also describes the procedures by which a Reserve Bank can pay interest as it relates to fund transfers under the Uniform Commercial Code. Reserve Banks may issue circulars governing the details of its funds-transfer operations