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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q56-Q61):

NEW QUESTION # 56
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. A document from the vendor confirming the data integrity of the AML system's software
B. An end-to-end diagram that depicts core elements such as source systems and data flows
C. A report from the AML system showing the import of transactional data
D. The FI's AML risk assessment

Answer: B

Explanation:
Data Integrity Review:
* An end-to-end diagram provides a comprehensive view of data sources, flows, and integrity checkpoints, enabling auditors to assess the completeness and accuracy of transactional data in AML systems.
Importance of Visual Representation:
* FATF and Basel guidelines stress the need for clarity in data flows to ensure accurate monitoring and reporting of suspicious activities.

NEW QUESTION # 57
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

A. Type of reporting format
B. Type of risk assessment needed
C. Users of the external report
D. Budget available for the review
E. Purpose of the review
F. Information that will be required

Answer: B,C,E

Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.

NEW QUESTION # 58
Which is a true statement about the computer-assisted audit tool (CAAT)?

A. Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.
B. Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.
C. KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.
D. CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures thatcould replace the requirement for the auditor's own procedures.

Answer: A

Explanation:
Capabilities of CAAT:
* CAAT provides comprehensive data access, allowing auditors to review all customer data over extended periods, unlike traditional methods that rely on sampling.
Irrelevant Options:
* A:Limited samples are more typical of traditional methods.
* B:Data incorporated in the warehouse should not be changeable as it would undermine audit integrity.
* D:CAAT can be customized for specific audit needs.

NEW QUESTION # 59
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The organization might have reported a sanction breach that is not a current sanction violation.
B. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
C. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
D. The finding is on a different audit topic than the KYC related findings.

Answer: B

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 60
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

A. There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.
B. Strict CDD rules promote high ethical and professional standards in the financial industry.
C. Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.
D. Audits need to approve the implementation of the controls and review testing outcomes.

Answer: C

Explanation:
B: Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

NEW QUESTION # 61
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