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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q31-Q36):

NEW QUESTION # 31
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. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
B. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
C. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
D. The overall volume of cash deposit reporting for the quarter
E. Testing of the customer's identifying information using reliable and independent source documents

Answer: B,C

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 32
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. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
B. Perform enhanced due diligence on the seller and buyer and update client records with findings
C. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
D. Commission an external investigator to perform enhanced due diligence on the buyer.

Answer: B

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

NEW QUESTION # 33
Which circumstance would impair an auditor's independence and objectivity?

A. Presenting at a local audit industry event where best practices are discussed
B. Donating funds to a local chanty which relates to the organization being audited
C. Attending internal meetings where key risk indicators are discussed
D. Working with staff to design and implement key controls

Answer: D

Explanation:
Impairment of Independence and Objectivity:
* Auditors must remain independent and objective. Direct involvement in designing and implementing controls creates a conflict of interest.
Guidelines from CAMS-Audit:
* CAMS-Audit emphasizes that auditors should limit their role to evaluating controls and avoid involvement in operational tasks.
Standards of Professional Conduct:
* Independence is a cornerstone of effective auditing, ensuring unbiased findings and recommendations.

NEW QUESTION # 34
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

A. Test the accuracy of the mathematical aggregation of the risk assessments.
B. Issue a finding that requires the completion of a business-level risk assessment.
C. Discuss with the senior manager to establish the risk appetite.
D. Accept the risk conclusions provided by the senior manager.

Answer: B

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.

NEW QUESTION # 35
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
B. The organization might have reported a sanction breach that is not a current sanction violation.
C. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
D. The finding is on a different audit topic than the KYC related findings.

Answer: C

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 36
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