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ACAMS Advanced-CAMS-Audit Practice Test - Questions Answers, Page 6

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List of questions

Question 51

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Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

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Question 52

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Findings from a financial institution's (Fl's) regulatory examination suggest that several unidentified risks pose a serious threat. The Fl identifies the risks and implements a set of controls to mitigate those risks. Which type of risk considers the controls' effectiveness?

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Question 53

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Which circumstance would impair an auditor's independence and objectivity?

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Question 54

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An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

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Question 55

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An auditor plans to examine a sample targeting newly onboarded, high net-worth clients to assess adherence to their onboarding policies. What sampling methods should the auditor use? (Select Three.)

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Question 56

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What factors are considered tor conducting an external audit and assurance review? (Select Three.)

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Question 57

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The scoping and planning process of an AML audit of a bank is best guided by review of which document?

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Question 58

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Which can be excluded from an audit report?

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Question 59

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

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Question 60

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Which should be incorporated into an AML compliance policy? (Select Three.)

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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.
What is the role of the internal audit in the governance process?
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?
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.)