Free ACAMS Advanced-CAMS-Audit Exam Dumps Questions & Answers

An auditor should present exceptions identified during testing to the auditee after.

• A.analysis of likelihood and impact.
• B.preliminary observation of exceptions.
• C.final audit report issuance
• D.performance of additional testing.

When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

• A.Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
• B.Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
• C.Perform enhanced due diligence on the seller and buyer and update client records with findings
• D.Commission an external investigator to perform enhanced due diligence on the buyer.

Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment?
(Select Two.)

• A.Liquidity risk
• B.Product risk
• C.Office of Foreign Assets Control filtering
• D.Overall customer volume
• E.Customer risk

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?

• A.Program
• B.Design
• C.Software
• D.Operating

When evaluating an AML training program tor CFT functions the auditor should verify that:

• A.interns and third parties are not included.
• B.attendees have completed post-course surveys.
• C.ethics training has been delivered to senior management.
• D.tailored training has been provided to AML and CFT staff.