Expert Answers to ACAMS Exam Advanced-CAMS-Audit Questions

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AML Certifications Advanced CAMS-Audit Certification Exam

Advanced CAMS-Audit Certification Exam

Last Update Dec 18, 2024
Total Questions : 90

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Questions 2

The auditor determines that the population for transaction monitoring testing can be stratified into five distinct categories. To complete testing which sampling method should the auditor use to identify the sample size?

Options:

Judgmental

Proportional

Statistical

Risk-based

Discussion 0

Questions 3

While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

Options:

To disguise dual-use goods

To trade prohibited goods

To move funds or value across national borders

To defraud shipping companies

Discussion 0

Questions 4

Which does a financial institution (FI) need to do when outsourcing an independent audit?

Options:

Select an audit firm based on recommendations from the AMI compliance officer.

Investigate whether the audit firm has conducted prior audits with the Fl.

Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.

Choose an audit firm based on price consideration and geographic location.

Discussion 0

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Questions 5

A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

Options:

Program

Software

Design

Operating

Discussion 0

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