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An audit finding can be closed when:
An audit finding can be closed when:A . all necessary evidence is collected and analyzed.B . the underlying risk is reassessed and mitigated.C . the final audit report is ready for delivery.D . the follow-up actions are completed.View AnswerAnswer: D Explanation: Conditions for Closing Audit Findings: Findings can only be...
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?A . Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.B ....
What type of audit approach should the auditor use when testing KYC files as part of an AML examination?
What type of audit approach should the auditor use when testing KYC files as part of an AML examination?A . HorizontalB . Full scopeC . VerticalD . Risk-basedView AnswerAnswer: C Explanation: Understanding the Vertical Approach: A vertical audit focuses on reviewing the entire process or function within a single area...
Which should the auditor recommend to management in terms of the client's risk rating procedures?
Which should the auditor recommend to management in terms of the client's risk rating procedures?A . Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.B . Include an assessment of risk factors of channel, credit, and transaction risk to determine...
Which scoring themes would be affected?
The auditor identifies that the bank launched trade finance services this year. The target clients are multinational companies who actively support China's belt and road initiatives. Which scoring themes would be affected? (Select Two.)A . 11.2B . 11.3C . 12.1D . 12.2E . 13.1View AnswerAnswer: AB Explanation: Identification of Themes...
Which best explains why the auditor rates the audit finding on sanction screening severity high?
Which best explains why the auditor rates the audit finding on sanction screening severity high?A . The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.B . The finding is on a different audit topic than the KYC related findings.C . The tool...
