ACAMS Advanced-CAMS-Audit Practice Test 2

Question 1 / 40
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?
Procedures
Controls
Reporting
Risks
Comment (0)
Suggested answer: B
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.