Question 3: Banks are exempt from a corporate compliance program under the Sentencing Guidelines because they must be audited by a CPA firm, every year, by law.
The ANSWER is FALSE. The annual audit conducted by a CPA firm is designed to ensure that the books and records of the organization have been maintained in accordance with generally accepted accounting principles. The CPA firm will normally ensure that internal controls are in place to support their opinion on the firms financial condition. The audit that the CPA firm conducts does not address the issue of whether the firm has in place an effective compliance program that prevents and detects criminal activity.
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