Free ACAMS CAMS Actual Exam Questions s - Question 10 Discussion
best describes the relationship between the internal audit function and compliance?
Maybe D is a bit extreme since keeping findings from compliance would hurt the whole point of fixing issues. Also, C is clearly out because combining compliance and audit would create conflicts. Between A and B, A makes more sense because assessing compliance risk fits well within internal audit’s scope, while B’s idea of excluding transaction reviews seems like it could miss important details. So I’d go with A here, as it aligns better with the idea that internal audit should cover compliance risks comprehensively.
A imo. The internal audit should assess compliance risks as part of its methodology, which makes sense for a thorough review. B sounds off since excluding transaction reviews limits the audit's effectiveness.
A/B? I think C is definitely out since mixing compliance and internal audit would kill objectivity. D seems off too because auditors must share findings with compliance to ensure issues are addressed, so silence doesn’t make sense. Between A and B, A feels more complete since internal audit should assess compliance risk and review transactions to be thorough. B says no transaction review, which seems too limited for effective oversight. Basel guidelines usually promote a comprehensive audit approach, so A looks like the better fit here.
A, since internal audit must cover compliance risk including transactions.
Maybe D is off since auditors need to communicate findings to management, including compliance, otherwise how would issues get fixed? C sounds wrong too because combining compliance and internal audit could cause conflicts of interest. Between A and B, I think A makes more sense since internal audit should cover compliance risk and transactions, while B’s no-transaction review seems too restrictive. So probably A still fits best with Basel guidelines emphasizing independent reviews of compliance risks.
A/B? A makes sense since internal audit checks compliance risks, but B’s point about reviewing compliance function adequacy also fits. Still, B says no transaction review, which feels off.
Maybe A since internal audit usually checks compliance risks as part of their review.