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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q38-Q43):

NEW QUESTION # 38
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

A. The major business activities of the respondent bank.
B. The purpose of the services provided to the respondent bank.
C. The management and ownership of the respondent bank.
D. The jurisdiction in which the respondent bank is located.

Answer: D

Explanation:
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML
/CFT controls, high corruption levels, or sanctions.

NEW QUESTION # 39
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

A. Risks
B. Reporting
C. Controls
D. Procedures

Answer: C

Explanation:
Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively.
CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks.

NEW QUESTION # 40
During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

A. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
B. Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.
C. Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.
D. Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.

Answer: D

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities

NEW QUESTION # 41
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

A. Discuss the client risk scoring process with the head of AML.
B. Review the financial institution's AML risk assessment to understand the institution's client base.
C. Query the completeness of the customer data to be provided.
D. Review a list of high-risk customers provided by compliance.

Answer: B

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.

NEW QUESTION # 42
When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

A. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
B. Commission an external investigator to perform enhanced due diligence on the buyer.
C. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
D. Perform enhanced due diligence on the seller and buyer and update client records with findings

Answer: D

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

NEW QUESTION # 43
......

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