ADVANCED-CAMS-AUDIT EXAM REVIEW & ADVANCED-CAMS-AUDIT RELIABLE GUIDE FILES

Advanced-CAMS-Audit Exam Review & Advanced-CAMS-Audit Reliable Guide Files

Advanced-CAMS-Audit Exam Review & Advanced-CAMS-Audit Reliable Guide Files

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Tags: Advanced-CAMS-Audit Exam Review, Advanced-CAMS-Audit Reliable Guide Files, Advanced-CAMS-Audit Reliable Dumps Free, New Advanced-CAMS-Audit Test Forum, Exam Advanced-CAMS-Audit Study Solutions

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

  • A. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
  • B. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.
  • C. Confirm with client onboarding teams whether or not high-risk customers exist.
  • D. Ask the account officers whether the CDD and KYC information provided is correct.
  • E. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

Answer: A,B

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.


NEW QUESTION # 48
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. Select an audit firm based on recommendations from the AMI compliance officer.
  • C. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.
  • D. Investigate whether the audit firm has conducted prior audits with the Fl.

Answer: C

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 # 49
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 management and ownership of the respondent bank.
  • B. The jurisdiction in which the respondent bank is located.
  • C. The major business activities of the respondent bank.
  • D. The purpose of the services provided to the respondent bank.

Answer: B

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 # 50
Which can be excluded from an audit report?

  • A. The scope, including the time period to which the opinion pertains
  • 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. Overall opinions, judgments or conclusions reached in prior audit reports

Answer: D

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 # 51
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

  • A. Number of respondent banks located in higher risk jurisdictions.
  • B. Size and stature of a respondent bank's operations in its home country.
  • C. Number of correspondent banking relations terminated.
  • D. Volume of transaction activity referred by the respondent bank.

Answer: A

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.


NEW QUESTION # 52
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