AAA Regulation, money laundering and laws

اے سی سی اے · اسٹریٹجک پروفیشنل · 7 سوالات

نام: ____________________ تاریخ: ____________

Informing a person that a report has been made about their suspected money laundering, in a way that might prejudice an investigation, is known as:
- A Disclosure
- B Customer due diligence
- C Whistleblowing
- D Tipping off
An auditor suspects that a client is laundering money. The auditor should:
- A Resign without telling anyone
- B Ignore it if it is not material
- C Report to the firm's nominated officer and not tip off the client
- D Tell the client's management immediately
Responsibility for compliance with laws and regulations rests with:
- A Management, with oversight by those charged with governance
- B The internal auditor only
- C The external auditor
- D The regulator
If an auditor identifies suspected non-compliance with law that has a material effect, the auditor should first:
- A Resign immediately
- B Discuss it with management and those charged with governance
- C Ignore it
- D Report it to the press
Which feature is typical of the audit of a public interest entity compared with other entities?
- A No need for a review
- B Stricter requirements on rotation and non-audit services, and key audit matters in the report
- C Lower materiality
- D No requirement for independence
A professional's duty of care in negligence requires the claimant to show:
- A A duty of care, a breach of it and loss caused by the breach
- B Only that the auditor gave an opinion
- C Only a loss
- D That the audit fee was high
A firm can reduce its exposure to liability claims by:
- A Avoiding documentation
- B Ignoring risk
- C Quality control, clear engagement letters and professional indemnity insurance
- D Reducing the scope of the audit without telling anyone

جوابی کلید

1. D, 2. C, 3. A, 4. B, 5. B, 6. A, 7. C

Tipping off is an offence in many jurisdictions and the auditor should not alert the client.
Reports are made internally to the nominated person who decides whether to report to the authority.
The auditor's role is to consider the effect of non-compliance on the financial statements.
Obtain understanding and communicate, then consider the effect on the report and any duty to report to the authorities.
Public interest entities are subject to additional safeguards.
All three elements are needed in a claim for negligence.
Liability can also be limited by contract where the law permits.