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ACAMS Advanced CAMS-Audit Certification - Advanced-CAMS-Audit Exam Practice Test

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Total 90 questions

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Question 1

What factors are considered tor conducting an external audit and assurance review? (Select Three.)

A. Budget available for the review B. Purpose of the review C. Type of reporting format D. Type of risk assessment needed E. Users of the external report F. Information that will be required

Discussion 0

Correct Answer: B,D,E Vote an answer

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Question 2

An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

A. Clients of the institution for more than 10 years B. Client base stability C. Previous correspondent banking relationships D. AML corporate governance E. Recent audit findings

Discussion 0

Correct Answer: D,E Vote an answer

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Question 3

Which recommendation should the audit team provide to address transaction monitoring (TM) issues?

A. Perform a coverage assessment of the current suite of TM detection scenarios against the bank's money laundering and terrorist financing risks B. Apply the same thresholds across all client types to ensure alignment of risk coverage. C. Switch off those detection scenarios that are producing too many false positives. D. Provide training for first-line staff on how to review and disposition TM alerts.

Discussion 0

Correct Answer: A Vote an answer

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Question 4

What is the role of the internal audit in the governance process?

A. Perform quality assurance testing of transaction monitoring. B. Periodically evaluate the effectiveness of processes and controls. C. Monitor the risks of noncompliance with applicable laws and regulations. D. Execute the corrective action plan.

Discussion 0

Correct Answer: B Vote an answer

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Question 5

Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system. B. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded. C. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists. D. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.

Discussion 0

Correct Answer: C Vote an answer

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Question 6

When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

A. Non-US citizens residing in the US B. Non-US entities having branches outside the US C. US citizens residing outside the D. US entities having branches outside the US

Discussion 0

Correct Answer: A Vote an answer

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Question 7

Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

A. Finding 5 B. Finding 4 C. Finding 7 D. Firming 2

Discussion 0

Correct Answer: C Vote an answer

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Question 8

When evaluating an AML training program tor CFT functions the auditor should verify that:

A. ethics training has been delivered to senior management. B. attendees have completed post-course surveys. C. interns and third parties are not included. D. tailored training has been provided to AML and CFT staff.

Discussion 0

Correct Answer: D Vote an answer

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Question 9

What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions. B. The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding. C. The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff. D. The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.

Discussion 0

Correct Answer: D Vote an answer

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Total 90 questions

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