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ACAMS Advanced-CAMS-Audit Practice Test - Questions Answers, Page 7

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Question 61

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Which is considered a minimum requirement in a customer identification program?

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Question 62

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Which is considered a minimum requirement in a customer identification program?

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Question 63

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While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

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Question 64

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A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers. What would an auditor review to assess whether this risk has been addressed?

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Question 65

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Which does a financial institution (FI) need to do when outsourcing an independent audit?

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Question 66

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Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

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Question 67

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What should an auditor verify when auditing areas with previously identified AMI deficiencies?

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Question 68

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When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases. After interviewing developers and officers, the auditor learns the specification document is inaccurate and has not been updated in a timely manner. Which are appropriate corrective action plans'? (Select Two.)

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Question 69

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Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

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Question 70

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When evaluating an AML training program tor CFT functions the auditor should verify that:

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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.)