ACAMS Advanced CAMS Audit Advanced CAMS-Audit Certification Exam Online Training
ACAMS Advanced CAMS Audit Online Training
The questions for Advanced CAMS Audit were last updated at Apr 21,2025.
- Exam Code: Advanced CAMS Audit
- Exam Name: Advanced CAMS-Audit Certification Exam
- Certification Provider: ACAMS
- Latest update: Apr 21,2025
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 . 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.
- B . 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.
- C . Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
- D . 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.
Which should the auditor recommend to management in terms of the client’s risk rating procedures?
- A . Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.
- B . Include an assessment of risk factors of channel, credit, and transaction risk to determine the client’s composite AML and sanctions risk score.
- C . Provide staff with training on new record retention requirements for occasional transactions.
- D . Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.
Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening.
Which should the auditor recommend? {Select Two.)
- A . Evidence of negative media screening retained in client files must comprise negative reports only.
- B . All staff members should be provided with additional training to ensure they adhere to standard procedures.
- C . Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.
- D . Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.
- E . Procedures should be enhanced to require that all clients are subject to regular negative media screening.
The standard audit report format requires that an executive summary of the findings is included.
Which statement is most appropriate for summarizing detailed findings?
- A . Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.
- B . Deletion of transaction records for completed occasional transactions is operationally an efficient practice.
- C . The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
- D . Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.
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 . Perform enhanced due diligence on the seller and buyer and update client records with findings
- C . Review procedures for accepting commission sales and determining the buyer’s source of funds on a best effort basis
- D . Commission an external investigator to perform enhanced due diligence on the buyer.
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months.
Which step should the auditor take first?
- A . Review the CDD onboarding policies and procedures to determine the criteria for selection.
- B . Evaluate quality assurance processes tor onboarding new clients.
- C . Initially sample 10% of new clients onboarded.
- D . Request a list of high-risk clients onboarded from management.
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task. The audit item discussion between the auditor and the operational manager is a(n):
- A . general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
- B . internal control test.
- C . sustainability assessment.
- D . root cause analysis
A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds’? (Select Two.)
- A . A copy of the FI’s AML risk assessment
- B . Comparison against past suspicious activity reported
- C . Above-the-line and below-the-line testing
- D . Length of time the FI has deployed the software program
- E . Proof of validation from the TM software provider
What is the role of the internal audit in the governance process?
- A . Perform quality assurance testing of transaction monitoring.
- B . Monitor the risks of noncompliance with applicable laws and regulations.
- C . Periodically evaluate the effectiveness of processes and controls.
- D . Execute the corrective action plan.
An audit finding can be closed when:
- A . all necessary evidence is collected and analyzed.
- B . the underlying risk is reassessed and mitigated.
- C . the final audit report is ready for delivery.
- D . the follow-up actions are completed.
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