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Advanced CAMS-Audit Certification Exam Question and Answers

Advanced CAMS-Audit Certification Exam

Last Update Sep 12, 2025
Total Questions : 90

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Questions 1

If a final audit communication contains a significant error, the chief audit executive must:

Options:

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 factualaccuracy.

D.  

tell those who received the communication of the error and corrections.

Discussion 0
Questions 2

Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

Options:

A.  

Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.

B.  

Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.

C.  

Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.

D.  

Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.

Discussion 0
Questions 3

Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

Options:

A.  

Finding 1

B.  

Finding 3

C.  

Finding 4

D.  

Finding 5

E.  

Finding 6

F.  

Finding 8

Discussion 0
Questions 4

What conclusion should the auditor make regarding AML training for outsourced AML providers?

Options:

A.  

The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.

B.  

The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.

C.  

The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.

D.  

The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.

Discussion 0
Questions 5

The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

Options:

A.  

Risk-based

B.  

Judgmental

C.  

Statistical

D.  

Proportional

Discussion 0
Questions 6

Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

Options:

A.  

The management and ownership of the respondent bank.

B.  

The purpose of the services provided to the respondent bank.

C.  

The jurisdiction in which the respondent bank is located.

D.  

The major business activities of the respondent bank.

Discussion 0
Questions 7

What type of audit approach should the auditor use when testing KYC files as part of an AML examination?

Options:

A.  

Horizontal

B.  

Full scope

C.  

Vertical

D.  

Risk-based

Discussion 0
Questions 8

What is the role of the internal audit in the governance process?

Options:

A.  

Perform quality assurance testing of transaction monitoring.

B.  

Monitor the risks of noncompliance with applicable laws and regulations.

C.  

Periodically evaluate the effectiveness of processes and controls.

D.  

Execute the corrective action plan.

Discussion 0
Questions 9

What should an auditor verify when auditing areas with previously identified AMI deficiencies?

Options:

A.  

Management took appropriate and timely action to address any violations and other deficiencies.

B.  

Senior management agreed that the findings were legitimate.

C.  

Management discussed an action plan to address any violations and other deficiencies.

D.  

The business attested to remediating the control gaps.

Discussion 0
Questions 10

Which products/services increase the risk level for money laundering for XYZ Bank?

Options:

A.  

Payable through accounts

B.  

International fund transfers

C.  

Letters of credit

D.  

Foreign exchange services

Discussion 0
Questions 11

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:

A.  

Judgmental

B.  

Proportional

C.  

Statistical

D.  

Risk-based

Discussion 0
Questions 12

Suspicious activity report testing in the last three audits did not identify any metrics to indicate that volume vanes dramatically each month. Which step should the auditor take next?

Options:

A.  

Assign to continuous monitoring.

B.  

Include the lack of metrics as a deficiency in the reporting.

C.  

Escalate the finding regarding the lack of metrics to the board of directors.

D.  

Review within the IT audit.

Discussion 0
Questions 13

When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

Options:

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

Discussion 0
Questions 14

Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

Options:

A.  

Findings ate explained and assigned to the accountable owners.

B.  

Additional remediation is identified and planned.

C.  

Findings ate clearly written and facts are accurate

D.  

Communication, follow-up. and documentation are tracked on scheduled sustainability validations.

E.  

Compliance Identifies and schedules pre-exam validation as appropriate.

Discussion 0
Questions 15

Which best explains why the auditor rates the audit finding on sanction screening severity high?

Options:

A.  

The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.

B.  

The finding is on a different audit topic than the KYC related findings.

C.  

The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.

D.  

The organization might have reported a sanction breach that is not a current sanction violation.

Discussion 0
Questions 16

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

Options:

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.

Discussion 0
Questions 17

Which is considered a minimum requirement in a customer identification program?

Options:

A.  

Transaction reporting procedures used to report suspicious transactions to the regulator

B.  

Transaction monitoring procedures that specify the information that will be retained in each transaction

C.  

Account opening procedures that specify the information that will be obtained from each customer

D.  

Customer enhanced due diligence procedures used to identify unusual transactions

Discussion 0
Questions 18

Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

Options:

A.  

Procedures

B.  

Controls

C.  

Reporting

D.  

Risks

Discussion 0
Questions 19

A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds'? (Select Two.)

Options:

A.  

A copy of the FI's AML risk assessment

B.  

Comparison against past suspicious activity reported

C.  

Above-the-line and below-the-line testing

D.  

Length of time the FI has deployed the software program

E.  

Proof of validation from the TM software provider

Discussion 0
Questions 20

The company has automated the completion of the customer risk assessment (CRA) into its main customer relationship management (CRM) system The CRM has needs recording the overall risk level assessed (Standard. Enhanced), the ID number of the staff member who completed the assessment, and me date of the last assessment Which additional fields should the auditor recommend to document the CRA process? (Select Three.)

Options:

A.  

Age (Years)

B.  

Risk factors (Y/N. if Y please specify)

C.  

Type of customer (Trust. Company Individual)

D.  

Annual premium (S)

E.  

Residence (Country)

F.  

Photo ID taken (Passport Driver’s License. Other)

Discussion 0
Questions 21

Which are key responsibilities of internal auditors? (Select Two.)

Options:

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

Discussion 0
Questions 22

The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor’s observations should Include that the CRA should:

Options:

A.  

be updated more often given the risk of the entity.

B.  

include an assessment of jurisdiction where the customer currently resides as this may have changed.

C.  

allow for sales oy third patties other than advisors since most of the customers are local residents.

D.  

include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.

Discussion 0
Questions 23

During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

Options:

A.  

Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.

B.  

Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.

C.  

Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.

D.  

Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.

Discussion 0
Questions 24

Which circumstance would impair an auditor's independence and objectivity?

Options:

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

Discussion 0
Questions 25

A retail banking small and medium-sized enterprise (SME) customer launches a charity and requests a Corporate-SME account to receive donations and make disbursements. Which scenarios would most likely identify activity related to a charity account?(Select Two.)

Options:

A.  

Scenario 1

B.  

Scenario 4

C.  

Scenario 5

D.  

Scenario 6

E.  

Scenario 7

Discussion 0
Questions 26

Which key elements of testing methodology should be documented? (Select Three.)

Options:

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

Discussion 0
Questions 27

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

Options:

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.

Discussion 0