REALISTIC RELIABLE ADVANCED-CAMS-AUDIT TEST EXPERIENCE - ASSOCIATE ADVANCED CAMS-AUDIT CERTIFICATION EXAM LEVEL EXAM PASS GUARANTEED QUIZ

Realistic Reliable Advanced-CAMS-Audit Test Experience - Associate Advanced CAMS-Audit Certification Exam Level Exam Pass Guaranteed Quiz

Realistic Reliable Advanced-CAMS-Audit Test Experience - Associate Advanced CAMS-Audit Certification Exam Level Exam Pass Guaranteed Quiz

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q49-Q54):

NEW QUESTION # 49
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

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

Answer: A,D,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 # 50
The mam characteristics of an AML program testing are:

  • A. standard and focused.
  • B. tailored and risk-based.
  • C. innovative and evaluative.
  • D. remedial and interdependent.

Answer: B

Explanation:
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.


NEW QUESTION # 51
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

  • A. Findings ate clearly written and facts are accurate
  • B. Findings ate explained and assigned to the accountable owners.
  • C. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
  • D. Compliance Identifies and schedules pre-exam validation as appropriate.
  • E. Additional remediation is identified and planned.

Answer: A,B

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.


NEW QUESTION # 52
When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases.After interviewing developers andofficers,the auditor learns the specification document is inaccurate and has not been updated in a timely manner.Which are appropriate corrective action plans'? (Select Two.)

  • A. Tram KYC personnel to recognize errors in the customer risk rating model.
  • B. Check periodically if released rules are operating as per the specifications.
  • C. Report this matter to the board of directors.
  • D. Alert the person incharge of releasing the model that me release must comply with the specifications.
  • E. Set up a checkpoint before release to make sure that the release is in accordance with the specifications.

Answer: B,E

Explanation:
B: Periodic Checks: Regular monitoring ensures that implemented rules align with updated specifications and are functioning as intended, reducing the risk of deviation from compliance standardsints Before Release**:
Establishing validation checkpoints ensures that all releases comply with documented specifications, mitigating risks of errors in the risk rating model


NEW QUESTION # 53
Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

  • A. Finding 5
  • B. Finding 4
  • C. Finding 7
  • D. Firming 2

Answer: C

Explanation:
* Significance of Finding 4 in Scenario and Threshold Calibration:
* Finding 4typically points to issues with the alignment of customer segmentation or risk profiling.
Incorrect segmentation or categorization directly impacts the assignment of scenarios and thresholds, leading to clients being subjected to inappropriate monitoring settings.
* For example, placing a low-risk client in a high-risk threshold group can cause unnecessary alerts, while the opposite scenario might miss genuine suspicious activities.
* Other Options Evaluated:
* Finding 2:May relate to broader systemic issues but does not specifically highlight misalignment with thresholds or scenarios.
* Finding 5:Typically involves data accuracy concerns but does not directly result in the application of incorrect scenarios or thresholds.
* Finding 7:Often pertains to gaps in coverage or monitoring rather than specific issues in the calibration of scenarios and thresholds.
* Advanced CAMS-Audit Context:
* Advanced CAMS-Audit emphasizes the importance of precise customer segmentation and scenario calibration to ensure transaction monitoring systems operate efficiently and effectively.
Findings pointing to misalignments in these areas are critical indicators of potential weaknesses.
* Regulatory Relevance:
* FATF and Basel Committee standards require risk-based monitoring tailored to the risk profile of each customer. Misaligned thresholds violate this principle, potentially leading to regulatory scrutiny.
Conclusion:The correct answer isB. Finding 4, as it identifies the misalignment of scenarios and thresholds with customer risk profiles, which is a critical issue in ensuring effective AML monitoring systems.


NEW QUESTION # 54
......

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