RELIABLE ADVANCED-CAMS-AUDIT EXAM ANSWERS | ADVANCED-CAMS-AUDIT EXAM SYLLABUS

Reliable Advanced-CAMS-Audit Exam Answers | Advanced-CAMS-Audit Exam Syllabus

Reliable Advanced-CAMS-Audit Exam Answers | Advanced-CAMS-Audit Exam Syllabus

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ACAMS Reliable Advanced-CAMS-Audit Exam Answers: Advanced CAMS-Audit Certification Exam - Test4Engine Sample Download Free

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
Which can be excluded from an audit report?

  • A. Overall opinions, judgments or conclusions reached in prior audit reports
  • B. The overall opinion judgment, or conclusion reached
  • C. The risk or control framework or other criteria used as a basis for the overall opinion
  • D. The scope, including the time period to which the opinion pertains

Answer: A

Explanation:
Exclusion from Current Audit Reports:
* Prior conclusions are relevant for context but do not belong in the current report, which should focus on new findings and opinions.
Other Options:
* The risk framework, scope, and current conclusions are integral to the current audit report.


NEW QUESTION # 15
Which does a financial institution (FI) need to do when outsourcing an independent audit?

  • A. Choose an audit firm based on price consideration and geographic location.
  • B. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.
  • C. Select an audit firm based on recommendations from the AMI compliance officer.
  • D. Investigate whether the audit firm has conducted prior audits with the Fl.

Answer: B

Explanation:
Selecting an Audit Firm:
* The scope and expertise of the audit firm must align with the institution's risk profile and regulatory requirements to ensure the audit's effectiveness.
Best Practices in Outsourced Audits:
* Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and minimizes operational risks.
CAMS-Audit Guidance:
* Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting experienced auditors for outsourced engagements.


NEW QUESTION # 16
During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

  • A. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
  • B. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
  • C. Designate the account as a PEP-account.
  • D. File a suspicious activity report as the previous riskrating was not correct.
  • E. Review the customer risk profile every two years as with any other customers.
  • F. Review and document the details of the customer s asset-holding arrangement.

Answer: B,C,F

Explanation:
C:Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D:Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E:Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.


NEW QUESTION # 17
Which is considered a minimum requirement in a customer identification program?

  • A. Transaction reporting procedures used to report suspicious transactions to the regulator
  • B. Transaction monitoring procedures that specify the information that will be retained in each transaction
  • C. Customer enhanced due diligence procedures used to identify unusual transactions
  • D. Account opening procedures that specify the information that will be obtained from each customer

Answer: D

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.


NEW QUESTION # 18
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

  • A. List of suspicious transactions reported to the regulator
  • B. Names of politically exposed persons that are subject to ongoing monitoring
  • C. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
  • D. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance

Answer: D

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.


NEW QUESTION # 19
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