29 According to section 133(1) which is read together with section 133(3) of the FSA, ex-employee of a bank is also not bound by the duty of secrecy.* A. TRUE B. FALSE
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- A bank owes an implied duty to its customers not to divulge information about its customers to third parties. The breach of confidentiality in the banker/customer relations can have serious ethical and legal implications. Discuss four (4) circumstances under which a bank can safely breach this duty of confidentialityThe following is punishable under BP Blg. 22: (I) Any person who makes or draws and issued any check to apply on account or for value, knowing at the time of issue that he does not have sufficient funds in or credit with the drawee bank for the payment of such check in full upon its presentment, which check is subsequently dishonored by the drawee bank for insufficiency of funds or credit or would have been dishonored for the same reason had not the drawer, without any valid reason, ordered the bank to stop payment. (II) Any person who, having sufficient funds in or credit with the drawee bank when he makes or draws and issues a check, shall fail to keep sufficient funds or to maintain a credit to cover the full amount of the check if presented within a period of ninety (90) days from the date appearing thereon, for which reason it is dishonored by the drawee bank. Both are true Both are false Only I is true Only II is true8. Which of the following statement is false? a. A certified check is a liability of the bank certifying it b. A certified check will be accepted by many persons who would not otherwise accept a personal check c. A certified check is one drawn by a bank upon itself d. A certified check should not be included in the outstanding checks
- A drawer, knowing that he has insufficient credit in the bank, issues a check, which was eventually dishonored by the drawee bank. The drawer may be held liable for: a. Violation of Bouncing Checks Law b. Estafa c. Civilly liable d. All of the above26-is an act of willfully making misrepresentation of financial information by one or more individuals among management, TCWG, Employee to mislead others O a. Fraud O b. None of the options O c. Mistake O d. Illegal act27. An audit firm has been asked by a client to attend a meeting between the client and its bank where a new bank loan application is to be discussed. According to the Code of Professional Ethics for Accountants, what type of threat to objectivity will be created if the auditor attends this meeting? a. Self interest threat b. Intimidation threat c. None of the options d. Self review threat
- C. Give an example and explain securities fraud in violation of the Securities Act of ‘33. D. Explain how Enron “cooked the books” with two of its accounting practices47-is an act of non-deliberately making misstatement in the financial statements O a. Illegal act O b. None of the options O c. Fraud O d. Mistake8 What is the function of Deposit Insurance Corporation? Select one: It does not give guarantee for a loan taken by insured bank. It eliminates competition between commercial banks. It keeps records of malpractices in the form of fraud, forgeries or outright theft committed by financial officers of insured banks or other financial institutions & publish them. It keeps the deposit from the insurance companies.
- As part of the safeguards against imprudent banking, the General Banking Law imposes limits or restrictions on loans and credit accommodations which may be extended by banks. Which of the following are not considered limits and restrictions on loans and credit accommodation? a. NO commercial bank shall make any loan or discount on the security of shares of its own capital stock. b. DOSRI Rules – promulgated by BSP, upon authority of Section 5 of the General Banking Law. c. Anti-Money Laundering Law d. SBL Rules – those promulgated by the Bangko Sentral ng Pilipinas upon authority of Section 35 of the General Banking Law of 2000.36. I. Imprest should be used for small reimbursements and material expenses such as utilities or to purchase assets for the firm.II. An unrecorded voided check would be disregarded if the company issued the check.III. Outstanding checks issued as a certified check shall be included as an adjustment to book to bank balance. a. I and III are true b. I and II are false c. II and III are false d. All statements are false(Sections 302 and 906) How do the officer certification requirements help to address the risk of fraud in publicly traded organizations? What is the likelihood that a CFO who is committing fraudulent financial reporting would sign the certification falsely, and what are your reactions to that possibility?
