ACAMS Advanced CAMS - Audit - Advanced CAMS - Audit Exam
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Total 90 questions
Question #1 (Topic: Exam A)
An audit manager identifies that a financial institution (FI) has not produced a business-level risk assessment in accordance with policy. The senior manager of the FI assures that assessing risk at the individual client level and aggregating the data is an acceptable approach.
How should the audit manager proceed?
How should the audit manager proceed?
A. Discuss with the senior manager and establish a timeline to develop the business-level risk assessment in alignment with the policy.
B. Review the senior manager’s rationale and determine if it aligns with regulatory expectations and the institution’s risk management policies.
C. Issue a finding that requires the completion of a business-level risk assessment.
D. Evaluate the methodology used for aggregating the individual client risk assessments to determine its adequacy.
Answer: B
Question #2 (Topic: Exam A)
What is the role of the internal audit in the governance process?
A. Periodically evaluate the effectiveness of processes and controls.
B. Monitor the risks of noncompliance with applicable laws and regulations.
C. Execute the corrective action plan.
D. Perform quality assurance testing of transaction monitoring.
Answer: A
Question #3 (Topic: Exam A)
A recent regulatory examination identified serious deficiencies in the AML program.
Which action should the organization take first?
Which action should the organization take first?
A. Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.
B. Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.
C. Initiate a request for proposals for new AML systems and solutions.
D. Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.
Answer: A
Question #4 (Topic: Exam A)
An organization continuously updates 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 identify the actions to be taken and status of those actions.
Which is the organization’s primary purpose of this document?
Which is the organization’s primary purpose of this document?
A. Providing audit documentation of management responses
B. Documenting audit team validation testing
C. Testing resiliency of proposed recommendations
D. Tracking completion of proposed recommendations
Answer: D
Question #5 (Topic: Exam A)
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring? (Choose two.)
A. Complexity of monitoring scenarios
B. False positive ratio
C. Robustness of feedback relating to submitted suspicious activity reports
D. Data quality and mapping
E. Scenario altering techniques
Answer: BD
