Most Recent Acams Advanced-CAMS-Audit Exam Questions & Answers

Prepare for the Acams Advanced CAMS-Audit Certification Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Acams Advanced-CAMS-Audit exam and achieve success.

The questions for Advanced-CAMS-Audit were last updated on Dec 24, 2024.

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Question No. 1

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.)

AJudgment sampling

BStratified sampling

CDiscovery sampling

DSimple random sampling

ESnowball sampling

FSystematic sampling
Sampling Methods Justification:
A . Judgment Sampling: Enables the auditor to target high net-worth clients specifically based on their judgment of risk factors.
B . Stratified Sampling: Allows for dividing the population into groups (e.g., high net-worth clients) and selecting samples from each group.
F . Systematic Sampling: Ensures a structured and unbiased selection process, suitable for large datasets.

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Correct Answer: A, B, F

Question No. 2

Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

AFindings ate explained and assigned to the accountable owners.

BAdditional remediation is identified and planned.

CFindings ate clearly written and facts are accurate

DCommunication, follow-up. and documentation are tracked on scheduled sustainability validations.

ECompliance Identifies and schedules pre-exam validation as appropriate.
Key Objectives of Issue Confirmation:
Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
B: Additional remediation is a later step in the issue resolution process.
D and E: Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

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Correct Answer: A, C

Question No. 3

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.)

AOngoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship

BExploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures

CConcealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations

DTesting of the customer's identifying information using reliable and independent source documents

EThe overall volume of cash deposit reporting for the quarter
A. Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C. Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

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Correct Answer: A, C

Question No. 4

Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

ARe-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.

BPerform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.

CRe-screen all transactions based on the sanctions lists that were active at that time but not uploaded.

DPeriodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.
Recommended Action:
Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

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Correct Answer: A

Question No. 5

Which can be excluded from an audit report?

AThe risk or control framework or other criteria used as a basis for the overall opinion

BThe scope, including the time period to which the opinion pertains

COverall opinions, judgments or conclusions reached in prior audit reports

DThe overall opinion judgment, or conclusion reached
Exclusion from Current Audit Reports:
Prior conclusions are relevant for context but do not belong in the current report, which should focus on new findings and opinions.
Other Options:
The risk framework, scope, and current conclusions are integral to the current audit report.

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Correct Answer: C

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