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Acams Advanced-CAMS-Audit Exam - Topic 3 Question 18 Discussion

An auditor should present exceptions identified during testing to the auditee after.
D) analysis of likelihood and impact. 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.
A) preliminary observation of exceptions.
B) final audit report issuance
C) performance of additional testing.

Acams Advanced-CAMS-Audit Exam - Topic 3 Question 18 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 18
Topic #: 3
[All Advanced-CAMS-Audit Questions]

An auditor should present exceptions identified during testing to the auditee after.

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Suggested Answer: D

by Josephine Loh YH at Aug 13, 2025, 06:16 AM

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Noemi
7 months ago
Surprised to see "preliminary" mentioned, isn't that too early?
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Lucille
8 months ago
I think it should be after additional testing, makes sense.
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Nana
8 months ago
Not sure about that, seems like a risky approach to me.
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Anika
8 months ago
Totally agree, analyzing impact first is crucial!
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Makeda
8 months ago
Definitely after the final report issuance!
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An
8 months ago
I thought we learned that preliminary observations are usually shared early in the process, but I'm not clear on how that fits with the final report.
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Joni
9 months ago
I feel like we talked about the importance of analyzing the impact before presenting exceptions, which might relate to option D.
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Julian
9 months ago
I remember a practice question that mentioned presenting findings after additional testing, but I can't recall if that's the best approach.
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Samuel
9 months ago
I think we discussed that exceptions should be presented after some analysis, but I'm not sure if that means before or after the final report.
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Corinne
9 months ago
I think the best approach is to wait until after the final audit report is issued to present the exceptions. That way, the auditor has thoroughly reviewed everything and can provide a complete picture to the auditee.
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Ronnie
10 months ago
The key here is that the auditor needs to analyze the likelihood and impact of the exceptions before presenting them to the auditee. So the answer is D - the auditor should present the exceptions after analyzing their risk implications.
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Brinda
10 months ago
Hmm, I'm not sure about this one. Should the auditor present the exceptions after the preliminary observation or after additional testing? I'm a bit confused on the right timing.
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Rosalind
10 months ago
I'm pretty sure the answer is B. The auditor should present exceptions to the auditee after the final audit report is issued, not before.
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Sharita
10 months ago
I see your point, Beckie. It's important to consider the potential impact of the exceptions on compliance and operational risks.
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Beckie
12 months ago
That's a good point, Tawanna. It's crucial to prioritize findings based on materiality and risk implications.
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Tawanna
12 months ago
But what about the importance of analyzing the likelihood and impact of the exceptions before presenting them?
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Gail
12 months ago
Haha, this is like a game of 'Guess the Auditor's Moves'. I'm going with D, because the auditor should be a risk management ninja, not a stand-up comedian.
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Osvaldo
12 months ago
I agree with D. Presenting the exceptions without proper analysis would be like shooting in the dark. The auditor needs to do their homework first.
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Sharita
12 months ago
I agree with Beckie. It makes sense to wait until all testing is complete before presenting the exceptions.
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Cherilyn
12 months ago
Definitely D. Analyzing the risk implications is crucial before bringing the exceptions to the auditee's attention. Otherwise, they might not take the issues seriously.
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Beckie
12 months ago
I think the auditor should present exceptions after final audit report issuance.
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Chara
12 months ago
I think the correct answer is D. The auditor should present the exceptions after analyzing the likelihood and impact, so they can prioritize the most significant findings.
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Ruth
10 months ago
I agree, the auditor needs to consider the likelihood and impact before presenting the exceptions.
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