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ACAMS Updated Advanced-CAMS-Audit Exam Questions and Answers by koby

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ACAMS Advanced-CAMS-Audit Exam Overview :

Exam Name: Advanced CAMS-Audit Certification Exam
Exam Code: Advanced-CAMS-Audit Dumps
Vendor: ACAMS Certification: AML Certifications
Questions: 90 Q&A's Shared By: koby
Question 20

An organization creates 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 identity the actions to be taken. Which is a primary purpose of this document?

Options:

A.

Providing audit documentation of management responses

B.

Tracking completion of proposed recommendations

C.

Documenting audit team validation testing

D.

Testing resiliency of proposed recommendations

Discussion
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Question 21

Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

Options:

A.

Money laundering risk assessment

B.

Internal controls including policies and procedures

C.

Management action plan for remediating audit findings

D.

List of politically exposed persons

E.

Log of law enforcement requests

Discussion
Question 22

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.)

Options:

A.

Evidence of negative media screening retained in client files must comprise negative reports only.

B.

All staff members should be provided with additional training to ensure they adhere to standard procedures.

C.

Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.

D.

Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.

E.

Procedures should be enhanced to require that all clients are subject to regular negative media screening.

Discussion
Question 23

If a final audit communication contains a significant error, the chief audit executive must:

Options:

A.

recall the audit report assess the error and resubmit the correct one.

B.

report the error to the local AML regulator.

C.

reevaluate the item(s) and resubmit findings for discussion on factualaccuracy.

D.

tell those who received the communication of the error and corrections.

Discussion
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