ACAMS Advanced-CAMS-Audit Actual Free Exam Questions & Community Discussion

Exam Code/Number: Advanced-CAMS-Audit
Exam Name/Title: Advanced CAMS-Audit Certification Exam
Certification Provider: ACAMS
Corresponding Certification: AML Certifications

Exam Questions: 90
Updated On: May 30, 2026

Question #37

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?

A. 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.

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. 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.

Discussion 0

Correct Answer: B Vote an answer

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Question #38

Which KYC-related finding poses the most risk to the organization?

A. KYC processes not being integrated into the business and associated application systems

B. KYC requirements being considered a low priority not designed into business processes and implemented after product launch

C. Sanctions fists that are updated on a periodic basis following an annual risk assessment

D. Backlogs and delays in maintaining client files in accordance with the organization's policy

Discussion 0

Correct Answer: B Vote an answer

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Question #39

The auditor identifies that the bank has launched trade finance services this year.When rating the various themes of the risk mitigants, which are expected to be impacted by the launchof these services? (Select Three.)

A. M2.1

B. M4.2

C. M5.2

D. M3.2

E. M1.1

F. M1.2

Discussion 0

Correct Answer: A,B,E Vote an answer

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Question #40

The standard audit report format requires that an executive summary of the findings is included. Which statement is most appropriate for summarizing detailed findings'?

A. Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.

B. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.

C. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.

D. Deletion of transaction records for completed occasional transactions is operationally an efficient practice.

Discussion 0

Correct Answer: B Vote an answer

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Question #41

During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

A. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.

B. Designate the account as a PEP-account.

C. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

D. File a suspicious activity report as the previous riskrating was not correct.

E. Review and document the details of the customer s asset-holding arrangement.

F. Review the customer risk profile every two years as with any other customers.

Discussion 0

Correct Answer: B,C,E Vote an answer

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Question #42

Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening. Which should the auditor recommend? {Select Two.)

A. Evidence of negative media screening retained in client files must comprise negative reports only.

B. All staff members should be provided with additional training to ensure they adhere to standard procedures.

C. Procedures should be enhanced to require that all clients are subject to regular negative media screening.

D. Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.

E. Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.

Discussion 0

Correct Answer: B,C Vote an answer

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Question #43

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. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.

B. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis

C. Perform enhanced due diligence on the seller and buyer and update client records with findings

D. Commission an external investigator to perform enhanced due diligence on the buyer.

Discussion 0

Correct Answer: C Vote an answer

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Question #44

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.

Discussion 0

Correct Answer: A Vote an answer

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Question #45

Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.

B. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

C. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

D. Confirm with client onboarding teams whether or not high-risk customers exist.

E. Ask the account officers whether the CDD and KYC information provided is correct.

Discussion 0

Correct Answer: A,C Vote an answer

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