Online Access Free Advanced-CAMS-Audit Exam Questions

Which key elements of testing methodology should be documented? (Select Three.)

• A.Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
• B.Planned expansion or changes in the business profile of the organization
• C.Sampling method applied to select an appropriate sample size
• D.Elements contributing to the inherent risk of the organization
• E.Relevant testing techniques subject to the nature and size of the test population
• F.Documentation requirements of test results supporting the conclusion

Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening. Which should the auditor recommend? {Select Two.)

• A.Evidence of negative media screening retained in client files must comprise negative reports only.
• B.Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.
• C.Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.
• D.All staff members should be provided with additional training to ensure they adhere to standard procedures.
• E.Procedures should be enhanced to require that all clients are subject to regular negative media screening.

Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

• A.Finding 3
• B.Finding 8
• C.Finding 6
• D.Finding 1
• E.Finding 5
• F.Finding 4

When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

• A.The ultimate beneficial owners of the customer need to be Identified and verified.
• B.Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
• C.Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
• D.If this was a face-to-face customer, the overall customer risk rating should be changed to low.
• E.The purpose and intended nature of the business relationship were not reviewed m the assessment.

Which products/services increase the risk level for money laundering for XYZ Bank?

• A.Payable through accounts
• B.Foreign exchange services
• C.Letters of credit
• D.International fund transfers