ADVANCED-CAMS-AUDIT LABS: ADVANCED CAMS-AUDIT CERTIFICATION EXAM - HIGH PASS-RATE ACAMS USEFUL ADVANCED-CAMS-AUDIT DUMPS

Advanced-CAMS-Audit Labs: Advanced CAMS-Audit Certification Exam - High Pass-Rate ACAMS Useful Advanced-CAMS-Audit Dumps

Advanced-CAMS-Audit Labs: Advanced CAMS-Audit Certification Exam - High Pass-Rate ACAMS Useful Advanced-CAMS-Audit Dumps

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q41-Q46):

NEW QUESTION # 41
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

Explanation:
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.
Relevance in Risk Management:
* Evaluating residual risk helps determine whether existing controls adequately address the identified risks.
CAMS-Audit Best Practices:
* Auditors must assess residual risk as part of the broader risk management framework to ensure regulatory compliance and operational resilience.


NEW QUESTION # 42
What is the role of the internal audit in the governance process?

  • A. Periodically evaluate the effectiveness of processes and controls.
  • B. Monitor the risks of noncompliance with applicable laws and regulations.
  • C. Execute the corrective action plan.
  • D. Perform quality assurance testing of transaction monitoring.

Answer: A

Explanation:
Role of Internal Audit:
* Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
* Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
* Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.


NEW QUESTION # 43
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task.
The audit item discussion between the auditor and the operational manager is a(n):

  • A. root cause analysis
  • B. internal control test.
  • C. sustainability assessment.
  • D. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.

Answer: A

Explanation:
Nature of Discussion:
* Root cause analysis is required to identify underlying reasons for the failure to perform the control, particularly resource constraints.
Key Compliance Justification:
* Addressing the root cause aligns with Basel Committee guidelines on improving control environments and addressing systemic issues in AML compliance.


NEW QUESTION # 44
During the auditing process the auditor finds that the entity never updates the customers risk assessment.
Which remediation actions should the auditor suggest? (Select Two.)

  • A. Audit designates an audit manager to review customer profiles annually.
  • B. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
  • C. Management engages an independent third party to update all the customer risk profiles.
  • D. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
  • E. The business updates the customer risk profiles periodically in accordance with the customer risk level.

Answer: B,E

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.


NEW QUESTION # 45
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

  • A. Request a list of high-risk clients onboarded from management.
  • B. Evaluate quality assurance processes tor onboarding new clients.
  • C. Initially sample 10% of new clients onboarded.
  • D. Review the CDD onboarding policies and procedures to determine the criteria for selection.

Answer: D

Explanation:
First Steps for Sampling:
* Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
* FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.


NEW QUESTION # 46
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