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ACA - AA(questions n correct answers)latest update
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ACA - AA(questions n correct answers)latest update
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ACA - AAQuestion which relates to an action about compliance? - correct answer ✔✔- establish a policy about X
- communicate to employees
- monitor compliance with the policy
- disciplinary action taken for non-compliance with the policy
What should a firm do in relation to ML? - correct answer ✔✔- appoint an MLRO (should be a senior
member of the firm)
- appoint a money laundering compliance principal (MLCP)
- must implement ML procedures (recognising money laundering/ client due diligence/ politically
exposed persons/ record keeping (5 years)/ reporting (no tipping off))
- training programme to cover updates
- monitor compliance
What are the rules of engagement partner rotation (FRC ES 3.11) - correct answer ✔✔- no more than 5
years for an engagement partner (listed)
- can be extended by a max of 2 years to maintain audit quality
- 7 years for other key staff
- 10 years (non-listed)
Self-interest
1) key words
2) safeguards - correct answer ✔✔1) undue dependence, reluctant to challenge mgmt
2) fee limits
3) extended external EQR, ethics partner to monitor fee income, communicate with those charged with
governance
, Recurring fees (10-15%)
Self-review
1) key words
2) safeguards - correct answer ✔✔1) reluctant to highlight issues, unwilling to highlight errors
2) separate team, info barriers
Management
1) key words
2) safeguards - correct answer ✔✔1) too involved, too closely aligned, make decisions on behalf of
management
2) inform management that all work will be technical only
Familiarity
1) key words
2) safeguards - correct answer ✔✔1) too trusting, long association
2) rotate staff
Intimidation
1) key words
2) safeguards - correct answer ✔✔1) client exerting pressure, aggressive behaviour
2) explain that you won't be intimidated
Advocacy
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