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ACAMS Advanced-CAMS-Audit Practice Test - Questions Answers, Page 4

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Question 31

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An audit finding can be closed when:

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Question 32

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Independent testing of the New York branch of a foreign bank is conducted by an outsourced audit firm. The independent testing report should be submitted to which authority in order to provide appropriate level of governance and oversight?

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Question 33

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A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

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Question 34

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What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

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Question 35

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An auditor should present exceptions identified during testing to the auditee after.

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Question 36

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When reviewing an AML policy, an auditor should expect to find that the policy.

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Question 37

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Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

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Question 38

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When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

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Question 39

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Which key elements of testing methodology should be documented? (Select Three.)

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Question 40

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If a final audit communication contains a significant error, the chief audit executive must:

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Total 90 questions
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Related questions

Which task should an auditor complete first when preparing to audit the client risk scoring methodology?
When reviewing an AML policy, an auditor should expect to find that the policy.
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The auditor finds that the customer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:
Which KYC-related finding poses the most risk to the organization?
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?
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)
A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)