Online Access Free Advanced-CAMS-Audit Practice Test

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

• A.Senior management agreed that the findings were legitimate.
• B.Management discussed an action plan to address any violations and other deficiencies.
• C.The business attested to remediating the control gaps.
• D.Management took appropriate and timely action to address any violations and other deficiencies.

The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year.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

• A.allow for sales oy third patties other than advisors since most of the customers are local residents.
• B.be updated more often given the risk of the entity.
• C.include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
• D.include an assessment of jurisdiction where the customer currently resides as this may have changed.

When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

• A.Interaction with internal audit
• B.Changes in board members
• C.Staffing levels on the AML team
• D.Business reporting lines

What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

• A.Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
• B.Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
• C.Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
• D.Testing of the customer's identifying information using reliable and independent source documents
• E.The overall volume of cash deposit reporting for the quarter

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?

• A.Proportional
• B.Risk-based
• C.Judgmental
• D.Statistical