Are the answers to questions in exam kit even reliable? I am finding a lot of contradictions in their answers. A humble request to those have passed or atleast attempted the paper to answer this. I am going to give you a few examples here.
- Company operates in highly regulated industry. To prevent non-compliance, hires trained workers, provides regular training, etc.
My Ans: Ignores as info in the question mitigates risk mostly.
Kit: Considers it a RoMM.
In another question, company operates in highly regulated environment. Hires experts as well.
My Ans: Considers it a RoMM.
Kit: The info presented in question mitigates the risk.
- They generally ask to tailor the procedures to the requirement and specific scenario and not write rote-learned procedures.
In a forensics question, it clearly mentioned that fraud was committed by a warehouse manager and sales representative but the answer included first three procedures trying to identify who committed the fraud??
- Write the SPECIFIC aspects to be included in letter of engagement.
The question was about possible money laundering instance so specific aspects included for me the fact that suspicious money laundering activity may be reported to authorities, and extending time period so existing request to complete work within 3 weeks is not entertained. That, to me, is what you call specfic and related to scenario.
The answer? Nature and context of engagement, third party reliance, nature and form of report, responsible party, reference to form and report. I mean isnt this the most general answer which is to be included in every engagement letter.
I mean what am I even supposed to do?? I did not find any such problems in any previous exams I gave. A little help from AAA students would be of great help.
Thanks for your time :)