ACCA AAA Practice Questions - ACCA Advanced Audit And Assurance (AAA) Exam

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During the audit of a manufacturing client, the engagement team identifies a transaction that appears designed to disguise the source of funds from an unrelated illegal activity. Under anti-money laundering (AML) requirements in many jurisdictions, what is the audit firm's appropriate primary response?

Resign from the engagement immediately and notify the client of the reason Make a suspicious activity report (SAR) to the relevant authority and avoid tipping off the client Disclose the suspicion to the client's audit committee and take no further action Adjust the audit opinion to a qualified opinion for the suspected amount

Correct Answer:

Make a suspicious activity report (SAR) to the relevant authority and avoid tipping off the client

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