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Acams Advanced-CAMS-Audit Sample Question Answers
Question # 1
What factors are considered tor conducting an external audit and assurance review? (Select Three.)
A. Type of reporting format B. Budget available for the review C. Purpose of the review D. Type of risk assessment needed E. Users of the external report F. Information that will be required
Answer: C, D, E
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 .
Question # 2
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. Judgment sampling B. Stratified sampling C. Discovery sampling D. Simple random sampling E. Snowball sampling F. Systematic sampling
Answer: A, B, F
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 .
Question # 3
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk
assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the
individual client level and aggregating the data is an acceptable approach. How should the audit
manager proceed?
A. Issue a finding that requires the completion of a business-level risk assessment. B. Accept the risk conclusions provided by the senior manager. C. Test the accuracy of the mathematical aggregation of the risk assessments. D. Discuss with the senior manager to establish the risk appetite.
Answer: A
Importance of Business-Level Risk Assessments:
Aggregating client-level risk assessments does not replace a comprehensive business-level risk
assessment, which is required for holistic risk management.
Audit Managers Responsibility:
The absence of a business-level risk assessment constitutes a policy violation and must be formally
addressed through a finding.
CAMS-Audit Guidelines:
CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide
evaluations, to comply with regulatory standards .
Question # 4
Which circumstance would impair an auditor's independence and objectivity?
A. Attending internal meetings where key risk indicators are discussed B. Donating funds to a local chanty which relates to the organization being audited C. Working with staff to design and implement key controls D. Presenting at a local audit industry event where best practices are discussed
Answer: C
Impairment of Independence and Objectivity:
Auditors must remain independent and objective. Direct involvement in designing and implementing
controls creates a conflict of interest.
Guidelines from CAMS-Audit:
CAMS-Audit emphasizes that auditors should limit their role to evaluating controls and avoid
involvement in operational tasks .
Standards of Professional Conduct:
Independence is a cornerstone of effective auditing, ensuring unbiased findings and
recommendations.
Question # 5
Findings from a financial institution's (Fl's) regulatory examination suggest that several unidentified
risks pose a serious threat. The Fl identifies the risks and implements a set of controls to mitigate
those risks. Which type of risk considers the controls' effectiveness?
A. Aggregate B. Consolidated C. Inherent D. Residual
Answer: D
Definition of Residual Risk:
Residual risk is the risk that remains after controls are implemented to mitigate inherent risks.
It reflects the effectiveness of controls and highlights areas requiring further attention.
Auditors must assess residual risk as part of the broader risk management framework to ensure
regulatory compliance and operational resilience .
Question # 6
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 the financial institution's AML risk assessment to understand the institution's client base. D. Review a list of high-risk customers provided by compliance.
Answer: C
Understanding Client Risk Scoring Methodology:
Reviewing the AML risk assessment offers a comprehensive view of the institutions client base, risk
appetite, and segmentation strategies.
Preparation Steps:
Assessing the AML risk assessment ensures that auditors understand the institutions 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 .
Question # 7
Which set of activities describes the planning phase of an audit?
A. Request data regarding financials, schedule planning meeting and perform sample testing B. Request the scheduling of preliminary discussions with management and request a walk-through of key processes C. Request organizational charts, assess data for sample testing and provide an initial report D. Request management overview of the organization conduct analytical review of processes and issue findings
Answer: B
Comprehensive Detailed Step-by-Step
Explanation:
Activities in the Planning Phase:
The planning phase involves understanding the scope, objectives, and framework for the audit.
Preliminary discussions with management set the stage for identifying critical processes and
potential risk areas.
Key Actions:
Scheduling preliminary discussions ensures alignment on audit goals.
A walk-through of key processes provides insight into workflows and control mechanisms.
Alignment with CAMS-Audit Principles:
Effective planning as described in CAMS-Audit guidelines prioritizes communication and process
understanding during initial audit phases .
Question # 8
An auditor should verify that an institution has ensured its AML systems and controls include:
A. supporting documents of its risk management policies and risk profile in relation to money laundering. B. measures to ensure that money laundering risk is taken into account in its monthly operations. C. daily reports by the institution's money laundering reporting officer on the operation and effectiveness of those systems and controls. D. training for senior management and the governing body only.
Answer: A
Core Components of AML Systems and Controls:
Supporting documentation ensures alignment with regulatory expectations and helps auditors verify
that the institutions policies and controls reflect its assessed risks .
Other Options:
B: Monthly operations are operational concerns, not control documentation.
C: Daily reports are excessive for governance purposes.
D: Training must include all staff, not only senior management.
Question # 9
The mam characteristics of an AML program testing are:
A. tailored and risk-based. B. standard and focused. C. innovative and evaluative. D. remedial and interdependent.
Answer: A
Characteristics of Effective AML Program Testing:
Tailored: Custom-designed to address specific organizational risks.
Risk-Based: Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the
most significant threats .
Question # 10
During a sanction review, an auditor notes that several of the bank's large corporate clients continue to route transactions through the bank to certain Office of Foreign Assets Control (OFAC)-sanctioned countries. The head of corporate clients stated that these transactions were executed under the OFAC license. What should an auditor know to distinguish between an OFAC general license and a specific license?
A. A general license authorizes a type of transaction and a specific license authorizes a transaction in response to a written license application. B. A specific license authorizes a transaction for an entity and a general license authorizes a transaction for an individual. C. A general license authorizes a transaction for an entity and a specific license authorizes a transaction for an individual. D. A specific license authorizes a type of transaction and a general license authorizes a transaction in response to a written license application.
Answer: A
Distinguishing General and Specific Licenses:
A general license permits predefined categories of transactions without individual approval.
A specific license is issued for unique transactions based on a written application evaluated on a
case-by-case basis.
OFAC Guidance:
Auditors should verify that transactions routed through sanctioned countries align with the licenses
and confirm appropriate documentation for compliance .
Question # 11
During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?
A. Increase the sample size. B. Document the conclusion within the audit work papers. C. Carry out further investigation of this alert. D. Consult with the compliance officer.
Answer: B
Rationale for Documenting Conclusions:
Documenting findings ensures transparency and provides an audit trail. This is critical when the
incident is consistent with provided evidence and no further investigation is warranted.
Audit Work Paper Standards:
CAMS-Audit recommends that all conclusions be adequately documented, especially when
deviations from normal patterns are justified with valid explanations .
Question # 12
Which is a true statement about the computer-assisted audit tool (CAAT)?
A. Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a
limited sample of a population. B. KYC data that have been incorporated into the warehouse could still be changed if need be from
using CAAT. C. 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. D. CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures
that could replace the requirement for the auditor's own procedures.
Answer: C
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.
Question # 13
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?
A. Interaction with internal audit B. Staffing levels on the AML team C. Changes in board members D. Business reporting lines
Answer: B
Key Assessment Factors for AML Structure Changes:
Staffing levels ensure the AML department has adequate resources to meet its obligations, especially
in light of new responsibilities or organizational changes .
Irrelevant Options:
A: Interaction with internal audit is important but not directly tied to structural changes.
C: Changes in board members are governance-related, not operational AML concerns.
D: Reporting lines are relevant but secondary to resource adequacy.
Question # 14
A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs. Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?
A. A fluctuating customer base in an international environment B. A well-known customer base m a localized environment C. A customer base changing due to a merger in the domestic market D. A stable customer base in an international environment
Answer: A
Higher Sample Size Justification:
A fluctuating international customer base increases the complexity of correspondent banking
relationships and sanctions compliance, necessitating a larger sample to assess risks effectively .
Irrelevant Options:
B and D: Stable or localized environments reduce complexity, lowering sample size needs.
C: Domestic mergers affect customer risk profiles but are less volatile than fluctuating international
markets.
Question # 15
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.)
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
Answer: A, B
Importance of Risk Assessment and Controls:
A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces,
forming the foundation for mitigation efforts .
Internal controls, including policies and procedures, are critical to operationalize the risk assessment
and ensure compliance with AML requirements .
Irrelevant Options:
C: A management action plan is remedial, not preventive.
D: The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
E: Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.
Question # 16
Audits are designed to provide assurance that what key aspect of risk management framework is
adequately designed and functioning effectively?
A. Procedures B. Controls C. Reporting D. Risks
Answer: B Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively. CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks .
Question # 17
If a final audit communication contains a significant error, the chief audit executive must:
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 factual accuracy. D. tell those who received the communication of the error and corrections.
Answer: A A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards .
Question # 18
Which key elements of testing methodology should be documented? (Select Three.)
A. Documentation requirements of test results supporting the conclusion B. Sampling method applied to select an appropriate sample size C. Planned expansion or changes in the business profile of the organization D. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit E. Elements contributing to the inherent risk of the organization F. Relevant testing techniques subject to the nature and size of the test population
Answer: A B D A. Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes. B. Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed. D. Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues. CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings .
Question # 19
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt
from the Office of Foreign Assets Control's regulations?
A. US entities having branches outside the US B. Non-US entities having branches outside the US C. US citizens residing outside the D. Non-US citizens residing in the US
Answer: D Exemptions from OFAC Regulations: Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance. Auditor's Role in Sanctions Compliance: Auditors must review whether the entitys compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines. CAMS-Audit Reference: CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions .
Question # 20
Which are key responsibilities of internal auditors? (Select Two.)
A. Implementing controls and other safeguards B. Determining appropriate risk appetite of the entity C. Evaluating the management of risk D. Acting as a catalyst for improvement E. Mitigating the risks facing the organization
Answer:C, D Evaluating the Management of Risk: Internal auditors assess the effectiveness of risk management strategies to ensure alignment with organizational goals and regulatory expectations. Acting as a Catalyst for Improvement: Auditors provide insights and recommendations to enhance controls and improve overall risk management practices. CAMS-Audit Emphasis: CAMS-Audit outlines the dual role of internal auditors in evaluating and facilitating risk management improvements .
Question # 21
Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment? (Select Two.)
A. Liquidity risk B. Product risk C. Overall customer volume D. Office of Foreign Assets Control filtering E. Customer risk
carry higher AML risks and require tailored risk mitigation measures.
Customer Risk: Understanding the risk profile of customers, including PEPs and high-net-worth
individuals, is critical to assessing exposure and implementing risk-based approaches.
Both factors are core components in AML risk assessments, as highlighted in CAMS-Audit materials
and FATF standards .
Question # 22
Which requirement of a financial institution's compliance program should an auditor review first to
understand key roles and responsibilities?
A. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day
compliance B. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate
the risks C. Names of politically exposed persons that are subject to ongoing monitoring D. List of suspicious transactions reported to the regulator
Answer: A
Key Roles and Responsibilities:
Identifying compliance coordinators helps auditors understand the operational framework and
ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
This step provides a foundational understanding of the institution's compliance structure, enabling
targeted assessments of other program components.
Advanced CAMS-Audit Reference:
CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated
individuals who oversee compliance processes .
Question # 23
Which factors should be taken into consideration in designing a follow-up strategy when remedial
action needs to be taken due to deficiencies identified in an AML audit?
A. Available resources and board of directors' commitment B. Responsible action owner and internal audit commitment to follow up C. Reporting the breach and the regulatory response D. Target completion date and status update on remedial action
Answer: D
In follow-up strategies, the focus should be on ensuring accountability and tracking progress.
Establishing a target completion date and regularly updating the status of remedial actions ensures
timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with
regulatory expectations and internal compliance frameworks .
Question # 24
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.
A. regulatory requirements. B. internal controls. C. policy. D. scope.
Answer: A
Review Frequency:
The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but
are guided by FATF Recommendations that mandate risk-based supervision for money services
businesses .
Risk-Based Approach:
Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with
AML/CFT standards .
Question # 25
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?
A. A report from the AML system showing the import of transactional data B. A document from the vendor confirming the data integrity of the AML system's software C. The FI's AML risk assessment D. An end-to-end diagram that depicts core elements such as source systems and data flows
Answer: D
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 .
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