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Question No: 1

MultipleChoice

Which is a true statement about the computer-assisted audit tool (CAAT)?

Options

ABoth CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.

BKYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.

CAuditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.

DCAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures that could replace the requirement for the auditor's own procedures.
Capabilities of CAAT:
CAAT provides comprehensive data access, allowing auditors to review all customer data over extended periods, unlike traditional methods that rely on sampling.
Irrelevant Options:
A: Limited samples are more typical of traditional methods.
B: Data incorporated in the warehouse should not be changeable as it would undermine audit integrity.
D: CAAT can be customized for specific audit needs.

Question No: 2

MultipleChoice

A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds'? (Select Two.)

Options

AA copy of the FI's AML risk assessment

BComparison against past suspicious activity reported

CAbove-the-line and below-the-line testing

DLength of time the FI has deployed the software program

EProof of validation from the TM software provider
Comparison Against Past Suspicious Activity Reported:
This evaluates whether the new thresholds are identifying similar or improved patterns of suspicious activity compared to prior thresholds.
Helps validate that the updated thresholds align with the institution's AML risk profile and regulatory expectations.
Above-the-Line and Below-the-Line Testing:
Above-the-line tests verify that alerts generated by the thresholds include expected suspicious transactions.
Below-the-line tests assess transactions below the threshold to ensure no significant suspicious activities are missed.
CAMS-Audit Reference:
Advanced CAMS-Audit frameworks emphasize the importance of both historical comparison and robust testing methodologies to validate transaction monitoring system updates.

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