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Question 16/43
An auditor should present exceptions identified during testing to the auditee after.
Correct Answer: D
Presentation of Exceptions:
* Auditors must analyze the exceptions based on their likelihood of occurrence and potential impact on compliance and operational risks before presenting findings to the auditee.
Supporting Standards:
* Basel and FATF emphasize prioritizing findings based on their materiality and risk implications during the audit process.
* Auditors must analyze the exceptions based on their likelihood of occurrence and potential impact on compliance and operational risks before presenting findings to the auditee.
Supporting Standards:
* Basel and FATF emphasize prioritizing findings based on their materiality and risk implications during the audit process.
- Question List (43q)
- Question 1: An audit determines that an important control is not being p...
- Question 2: A retail banking small and medium-sized enterprise (SME) cus...
- Question 3: Which are key responsibilities of internal auditors? (Select...
- Question 4: When testing the operational effectiveness of an institution...
- Question 5: Which products/services increase the risk level for money la...
- Question 6: When evaluating an AML training program tor CFT functions th...
- Question 7: The mam characteristics of an AML program testing are:...
- Question 8: Which KYC-related finding poses the most risk to the organiz...
- Question 9: When reviewing changes to the organizational structure of an...
- Question 10: Which should be incorporated into an AML compliance policy? ...
- Question 11: During a sanction review, an auditor notes that several of t...
- Question 12: When assessing the KYC process which should an auditor obser...
- Question 13: Following completion of testing and tuning of the parameters...
- Question 14: While reviewing a sample of trade financing documents in a f...
- Question 15: A financial institution utilizes an automated daily validati...
- Question 16: An auditor should present exceptions identified during testi...
- Question 17: The auditor finds that thecustomer risk assessment (CRA) is ...
- Question 18: Which KYC-related finding poses the most risk to the organiz...
- Question 19: Which task should an auditor complete first when preparing t...
- Question 20: Which finding indicates issues that could result in clients ...
- Question 21: Which is a true statement about the computer-assisted audit ...
- Question 22: During the ongoing due diligence process the company becomes...
- Question 23: Which findings indicate issues that would cause a lack of un...
- Question 24: Which set of activities describes the planning phase of an a...
- Question 25: Which should the external auditor recommend to ensure that t...
- Question 26: The scoping and planning process of an AML audit of a bank i...
- Question 27: Which are objectives of the issue confirmation step in the a...
- Question 28: When assessing the effectiveness of a transaction monitoring...
- Question 29: Which scenarios should be used to monitor for potential elde...
- Question 30: Which recommendation should the audit team provide to addres...
- Question 31: When reviewing an entity's sanctions compliance program, the...
- Question 32: Audits are designed to provide assurance that what key aspec...
- Question 33: Which conclusion should the auditor make regarding the staff...
- Question 34: Which is the most significant risk associated with KYC requi...
- Question 35: An auditor plans to examine a sample targeting newly onboard...
- Question 36: During the auditing process the auditor finds that the entit...
- Question 37: When sample testing client transaction records, the auditor ...
- Question 38: What factors are considered tor conducting an external audit...
- Question 39: Findings from a financial institution's (Fl's) regulatory ex...
- Question 40: Which should the auditor recommend to management in terms of...
- Question 41: What model test verifies that alerts indicative of potential...
- Question 42: During the interview, the local director informs the audit m...
- Question 43: What should an auditor verify when auditing areas with previ...
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