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CPD Project Governance & Compliance Flashcards

6 cards from real CPD practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 CPD Project Governance & Compliance flashcards as text

  1. What is the role of an audit trail in project governance and compliance?

    Answer: It provides a chronological record of decisions and actions for accountability and review

    An audit trail chronologically records decisions and actions, supporting accountability, regulatory compliance, and post-project review.

  2. Which governance principle ensures that project decisions are made by individuals with appropriate authority and expertise?

    Answer: Delegation of authority

    Delegation of authority ensures decisions are made at the correct organizational level by individuals with the requisite authority and competence.

  3. When managing a federally funded project in the US, which document governs allowable costs and administrative requirements?

    Answer: FAR (Federal Acquisition Regulation)

    The Federal Acquisition Regulation (FAR) establishes uniform policies for acquisition of supplies and services by federal agencies, including allowable costs.

  4. A project governance review reveals a conflict of interest involving a key decision-maker. What is the BEST response?

    Answer: Disclose the conflict, recuse the individual from related decisions, and document the action

    Proper governance requires disclosing conflicts of interest, recusing affected parties from related decisions, and documenting all actions taken.

  5. Which type of project review assesses whether a project should continue, be redirected, or be terminated based on strategic alignment?

    Answer: Stage gate review

    Stage gate reviews are formal checkpoints that assess project viability and strategic alignment before authorizing continuation to the next phase.

  6. In the US, Sarbanes-Oxley (SOX) compliance most directly affects which aspect of project management for public companies?

    Answer: Internal controls, financial reporting accuracy, and executive accountability

    SOX requires public companies to maintain robust internal controls and accurate financial reporting, directly impacting project financial management and executive sign-offs.