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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q80-Q85):
NEW QUESTION # 80
What factors are considered tor conducting an external audit and assurance review? (Select Three.)
- A. Information that will be required
- B. Budget available for the review
- C. Type of reporting format
- D. Purpose of the review
- E. Users of the external report
- F. Type of risk assessment needed
Answer: D,E,F
Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.
NEW QUESTION # 81
When reviewing an AML policy, an auditor should expect to find that the policy.
- A. is aligned with investment strategy.
- B. was reviewed and approved by the money laundering reporting officer.
- C. has been approved by regulators.
- D. contains items related to staff training.
Answer: D
Explanation:
AML Policy Expectations:
* Staff training is a fundamental component of an effective AML program. FATF Recommendations and Basel Committee guidelines require AML policies to address staff training to ensure compliance with AML/CFT laws
NEW QUESTION # 82
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?
- A. Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.
- B. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.
- C. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.
- D. Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.
Answer: D
Explanation:
Importance of AML Training for All Levels of an Institution:
* Advanced CAMS-Audit and FATF emphasize that AML training programs should be inclusive of all stakeholders, including senior management and board members, as they are integral to establishing an effective AML/CFT compliance culture.
Board-Level Training Specifics:
* Directors require tailored AML training to address strategic oversight responsibilities rather than operational controls. Periodic training is mandatory to keep the board updated on regulatory changes and institutional risk profile adjustments.
Audit Observation:
* Exclusion of the board from AML training reflects a gap in the institution's AML framework, potentially exposing it to regulatory scrutiny.
Reference to AML/CFT Standards:
* FATF Recommendations mandate training for all levels of an institution, explicitly highlighting senior management and governance roles in compliance efforts.
NEW QUESTION # 83
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?
- A. Tracking completion of proposed recommendations
- B. Documenting audit team validation testing
- C. Providing audit documentation of management responses
- D. Testing resiliency of proposed recommendations
Answer: A
Explanation:
Purpose of the Document:
* This document is a management tool to ensure accountability and monitor the progress of resolving outstanding audit findings.
Audit Committee's Role:
* The document facilitates oversight by the audit committee, ensuring timely and effective resolution of recommendations.
CAMS-Audit Recommendations:
* Proper tracking mechanisms are emphasized to align audit processes with institutional and regulatory expectations.
NEW QUESTION # 84
What is the role of the internal audit in the governance process?
- A. Execute the corrective action plan.
- B. Perform quality assurance testing of transaction monitoring.
- C. Periodically evaluate the effectiveness of processes and controls.
- D. Monitor the risks of noncompliance with applicable laws and regulations.
Answer: C
Explanation:
Role of Internal Audit:
* Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
* Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
* Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.
NEW QUESTION # 85
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