Online Access Free Advanced-CAMS-Audit Exam Questions

What conclusion should the auditor make regarding AML training for outsourced AML providers?

• A.The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.
• B.The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.
• C.The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.
• D.The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.

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.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.
• 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.Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.

Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

• A.List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
• B.Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
• C.Names of politically exposed persons that are subject to ongoing monitoring
• D.List of suspicious transactions reported to the regulator

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?

• A.Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
• B.Perform enhanced due diligence on the seller and buyer and update client records with findings
• C.Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
• D.Commission an external investigator to perform enhanced due diligence on the buyer.

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.)

• A.Discovery sampling
• B.Stratified sampling
• C.Snowball sampling
• D.Systematic sampling
• E.Simple random sampling
• F.Judgment sampling