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Advanced-CAMS-Audit Exam Questions

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Advanced-CAMS-Audit Exam Questions

Free Advanced-CAMS-Audit Exam Questions - Acams Advanced-CAMS-Audit Exam

Acams Advanced-CAMS-Audit Exam

Advanced CAMS-Audit Certification Exam

Total Questions: 90

Last Updated : 20-04-2025

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Acams Advanced-CAMS-Audit Exam Sample Questions:

Q1.

An audit finding can be closed when:

Aall necessary evidence is collected and analyzed.

Bthe underlying risk is reassessed and mitigated.

Cthe final audit report is ready for delivery.

Dthe follow-up actions are completed.
Conditions for Closing Audit Findings:
Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.

Q2.

The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

ARisk-based

BJudgmental

CStatistical

DProportional
Appropriateness of Judgmental Sampling:
Judgmental sampling is optimal when variability in report content and complexity necessitates the auditor's discretion to select the most informative samples.
Guideline Support:
Basel and FATF emphasize auditor judgment in situations requiring qualitative evaluation of governance reports.

Q3.

Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

AAvailable resources and board of directors' commitment

BResponsible action owner and internal audit commitment to follow up

CReporting the breach and the regulatory response

DTarget completion date and status update on remedial action
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.

Q4.

During the auditing process the auditor finds that the entity never updates the customers risk assessment. Which remediation actions should the auditor suggest? (Select Two.)

ACompliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

BAudit designates an audit manager to review customer profiles annually.

CDelete non-active customer profiles to reduce the workload of ongoing surveillance.

DManagement engages an independent third party to update all the customer risk profiles.

EThe business updates the customer risk profiles periodically in accordance with the customer risk level.
A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

Q5.

in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

ABoard approval for the suspicious activity report filing by the compliance department.

BIndependent review by the compliance officer's line manager.

CAdverse news search results against the customers and its controlling persons.

DPolicies and procedures relating to AML investigations and suspicious activity report filing.

EHistorical transaction data of the customer s account.
Adverse news provides context on potential risks associated with the customer, while historical transaction data is critical for understanding patterns that may indicate suspicious activity.

Solutions:

Question: 1 Answer: D

Question: 2 Answer: B

Question: 3 Answer: D

Question: 4 Answer: A, E

Question: 5 Answer: C, E