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Advanced-CAMS-Audit Exam Torrent - Advanced CAMS-Audit Certification Exam Actual Test & Advanced-CAMS-Audit Prep Torrent

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Real Advanced CAMS-Audit Certification Exam Test Questions - Advanced-CAMS-Audit Actual Torrent & Advanced CAMS-Audit Certification Exam Pdf Questions

The Advanced CAMS-Audit Certification Exam (Advanced-CAMS-Audit) certification is one of the hottest career advancement credentials in the modern ACAMS world. The ACAMS Advanced-CAMS-Audit certification can help you to demonstrate your expertise and knowledge level. With only one badge of Advanced-CAMS-Audit Certification, successful candidates can advance their careers and increase their earning potential.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q48-Q53):

NEW QUESTION # 48
During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

A. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
B. Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.
C. Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.
D. Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.

Answer: B

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities

NEW QUESTION # 49
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

A. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.
B. Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.
C. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.
D. Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.

Answer: D

Explanation:
Importance of AML Training for All Levels of an Institution:
* Advanced CAMS-Audit and FATF emphasize that AML training programs should be inclusive of all stakeholders, including senior management and board members, as they are integral to establishing an effective AML/CFT compliance culture.
Board-Level Training Specifics:
* Directors require tailored AML training to address strategic oversight responsibilities rather than operational controls. Periodic training is mandatory to keep the board updated on regulatory changes and institutional risk profile adjustments.
Audit Observation:
* Exclusion of the board from AML training reflects a gap in the institution's AML framework, potentially exposing it to regulatory scrutiny.
Reference to AML/CFT Standards:
* FATF Recommendations mandate training for all levels of an institution, explicitly highlighting senior management and governance roles in compliance efforts.

NEW QUESTION # 50
Which scenarios should be used to monitor for potential elder abuse? (Select Two.)

A. Scenarios 5
B. Scenarios 2
C. Scenarios 7
D. Scenarios 1
E. Scenarios 8

Answer: C,E

Explanation:
* Explanation:Scenarios 7 and 8 align with elder abuse detection by focusing on unusual account behaviors, like abrupt large withdrawals or transactions inconsistent with the elder's profile. Patterns like these often indicate exploitation.

NEW QUESTION # 51
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

A. Initially sample 10% of new clients onboarded.
B. Request a list of high-risk clients onboarded from management.
C. Review the CDD onboarding policies and procedures to determine the criteria for selection.
D. Evaluate quality assurance processes tor onboarding new clients.

Answer: C

Explanation:
First Steps for Sampling:
* Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
* FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.

NEW QUESTION # 52
An auditor should verify that an institution has ensured its AML systems and controls include:

A. supporting documents of its risk management policies and risk profile in relation to money laundering.
B. measures to ensure that money laundering risk is taken into account in its monthly operations.
C. daily reports by the institution's money laundering reporting officer on the operation and effectiveness of those systems and controls.
D. training for senior management and the governing body only.

Answer: A

Explanation:
Core Components of AML Systems and Controls:
* Supporting documentation ensures alignment with regulatory expectations and helps auditors verify that the institution's policies and controls reflect its assessed risks.
Other Options:
* B:Monthly operations are operational concerns, not control documentation.
* C:Daily reports are excessive for governance purposes.
* D:Training must include all staff, not only senior management.

NEW QUESTION # 53
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