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Question 1 of 10
1. Question
Which of the following type of concerns, the FINRA may at any time direct any member to cause an audit to be made for its accounts for the accuracy or integrity of a member?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts.
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Question 2 of 10
2. Question
Which of the following type of steps should be taken by the FINRA at any time for the concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts, or cause an examination to be made in accordance with attestation, review or consultation standards prescribed by the AICPA.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts, or cause an examination to be made in accordance with attestation, review or consultation standards prescribed by the AICPA.
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Question 3 of 10
3. Question
The audit or examination should be directed by which of the following authority, for the concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements?
Correct
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts. Such audit or examination shall be directed pursuant to authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility.
Incorrect
FINRA may at any time, due to concerns regarding the accuracy or integrity of a member’s financial statements, books and records or prior audited financial statements, direct any member to cause an audit to be made by an independent public accountant of its accounts. Such audit or examination shall be directed pursuant to authority exercised by FINRA’s Executive Vice President charged with oversight for financial responsibility.
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Question 4 of 10
4. Question
What is the format for the submission of all regulatory notices or other documents that are required to be submitted to FINRA by each member?
Correct
Each member shall be required to submit all regulatory notices or other documents that required to be submitted to FINRA in such electronic format as required or specified by the FINRA.
Incorrect
Each member shall be required to submit all regulatory notices or other documents that required to be submitted to FINRA in such electronic format as required or specified by the FINRA.
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Question 5 of 10
5. Question
Which of the following type of actions should be taken by each member as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517?
Correct
Each member must identify, review and, if necessary, update its executive representative designation and contact information as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517.
Incorrect
Each member must identify, review and, if necessary, update its executive representative designation and contact information as required by Article IV, Section 3 of the FINRA By-Laws in the manner prescribed by FINRA Rules 4517.
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Question 6 of 10
6. Question
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, what method should be adopted by each member to report and update all required contact information to FINRA?
Correct
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, each member shall report and update to FINRA all required contact information via the Firm Gateway or such other means as specified by the FINRA.
Incorrect
In the FINRA Rule 4517 “Member Filing and Contact Information Requirements”, each member shall report and update to FINRA all required contact information via the Firm Gateway or such other means as specified by the FINRA.
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Question 7 of 10
7. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), within how many days each member should update its required contact information promptly after any change in such information?
Correct
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
Incorrect
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
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Question 8 of 10
8. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), within how many days each member should review, and if necessary update its required contact information?
Correct
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
Incorrect
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), each member shall update its required contact information promptly, but in any event not later than 30 days following any change in such information. In addition, each member shall review and if necessary update its required contact information within 17 business days after the end of each calendar year.
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Question 9 of 10
9. Question
In the FINRA Rule 4517 (Member Filing and Contact Information Requirements), how much time required for each member to comply with FINRA request for the required contact information promptly?
Correct
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed by FINRA staff.
Incorrect
Each member shall comply with any FINRA request for the required contact information promptly, but in any event not later than 15 days following the request or such longer period that may be agreed by FINRA staff.
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Question 10 of 10
10. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member designated by which of the following authority?
Correct
Each member shall designate an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member and such associated person shall control and oversee entries into each such account and shall determine that the account is current and accurate as necessary to comply with all applicable FINRA rules and federal securities laws governing books and records and financial responsibility requirements.
Incorrect
Each member shall designate an associated person who shall be responsible for each general ledger bookkeeping account and account of a like function used by the member and such associated person shall control and oversee entries into each such account and shall determine that the account is current and accurate as necessary to comply with all applicable FINRA rules and federal securities laws governing books and records and financial responsibility requirements.