Acams Advanced-CAMS-Audit Exam - Topic 2 Question 39 Discussion

Question

The standard audit report format requires that an executive summary of the findings is included. Which statement is most appropriate for summarizing detailed findings'?

Roslyn · Accepted Answer

D) Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.
  Executive Summary Requirements:
The statement focuses on clear, evidence-based findings, critical for reflecting material deficiencies in enhanced due diligence (EDD) for high-risk clients.
  Guidelines for Reporting:
FATF emphasizes the consistent application of risk rating systems to ensure ML/TF risks are adequately mitigated.

Roslyn · Answer

A) Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.

Roslyn · Answer

B) Deletion of transaction records for completed occasional transactions is operationally an efficient practice.

Roslyn · Answer

C) The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.