ADVANCED-CAMS-AUDIT SIMULATION QUESTIONS | ADVANCED-CAMS-AUDIT LATEST EXAM ANSWERS

Advanced-CAMS-Audit Simulation Questions | Advanced-CAMS-Audit Latest Exam Answers

Advanced-CAMS-Audit Simulation Questions | Advanced-CAMS-Audit Latest Exam Answers

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q20-Q25):

NEW QUESTION # 20
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

  • A. Query the completeness of the customer data to be provided.
  • B. Discuss the client risk scoring process with the head of AML.
  • C. Review a list of high-risk customers provided by compliance.
  • D. Review the financial institution's AML risk assessment to understand the institution's client base.

Answer: D

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.


NEW QUESTION # 21
Which should the auditor recommend to management in terms of the client's risk rating procedures?

  • A. Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.
  • B. Include an assessment of risk factors of channel, credit, and transaction risk to determine the client's composite AML and sanctions risk score.
  • C. Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.
  • D. Provide staff with training on new record retention requirements for occasional transactions.

Answer: B

Explanation:
* Incorporating Comprehensive Risk Factors
* By including an assessment of channel, credit, and transaction risks, the client's overall risk profile is accurately determined. This aligns with risk-based approaches emphasized by FATF and CAMS-Audit standards.
* These risk factors provide a granular view of the client's risk level, ensuring proper classification into Standard or Enhanced Due Diligence categories.
* Regulatory Alignment
* FATF Recommendations mandate that client risk assessments consider the products, services, and delivery channels used, as well as geographic and transactional risks.
ConclusionImplementing composite AML and sanctions risk scores ensures the institution is compliant with regulatory standards and adequately mitigates risks associated with different client profiles.


NEW QUESTION # 22
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

  • A. Volume of transaction activity referred by the respondent bank.
  • B. Number of correspondent banking relations terminated.
  • C. Size and stature of a respondent bank's operations in its home country.
  • D. Number of respondent banks located in higher risk jurisdictions.

Answer: D

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.


NEW QUESTION # 23
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. Snowball sampling
  • B. Systematic sampling
  • C. Judgment sampling
  • D. Discovery sampling
  • E. Simple random sampling
  • F. Stratified sampling

Answer: B,C,F

Explanation:
Sampling Methods Justification:
* A. Judgment Sampling: Enables the auditor to target high net-worth clients specifically based on their judgment of risk factors.
* B. Stratified Sampling: Allows for dividing the population into groups (e.g., high net-worth clients) and selecting samples from each group.
* F. Systematic Sampling: Ensures a structured and unbiased selection process, suitable for large datasets.


NEW QUESTION # 24
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

  • A. Risk appetite statements should remain stable and consistent, even in changing business conditions.
  • B. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
  • C. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
  • D. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
  • E. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.

Answer: C,D


NEW QUESTION # 25
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