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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q15-Q20):

NEW QUESTION # 15
What model test verifies that alerts indicative of potentially suspicious activity are not missed due to threshold settings?

A. Black-box configuration
B. Gap analysis
C. Above-the-line
D. Below-the-line

Answer: D

Explanation:
Understanding Below-the-Line Testing:
* Below-the-line testing evaluates scenarios where alerts were not generated but could have been if the thresholds were set differently.
* This testing method focuses on identifying potential gaps in the detection model that might lead to missed alerts for suspicious activities.
Significance in AML/CFT Compliance:
* This type of test ensures the system's thresholds are not too restrictive, which could result in legitimate suspicious activities being overlooked.
* It provides insight into whether the system needs re-calibration to balance false positives and missed detections.
Process of Below-the-Line Testing:
* Data Sampling: Analyze transactions that fall just below the alert generation threshold.
* Scenario Analysis: Identify whether these transactions exhibit patterns consistent with suspicious activities.
* Model Adjustment: Adjust thresholds to optimize the trade-off between sensitivity and specificity.
Advanced CAMS-Audit Reference:
* CAMS-Audit guidelines detail below-the-line testing as an integral part of tuning and validating monitoring models. It ensures that monitoring systems align with risk appetite and operational realities.
* FATF guidance on dynamic model validation highlights the importance of continuous review and adaptation of thresholds to evolving typologies and risks.
Case Example and Regulatory Perspective:
* Advanced CAMS-Audit recommends below-the-line tests especially in high-risk sectors, ensuring robust detection mechanisms.
* Regulatory expectations, as per FATF and Basel guidelines, require proactive measures to address model gaps that below-the-line testing can identify.

NEW QUESTION # 16
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

A. internal controls.
B. scope.
C. regulatory requirements.
D. policy.

Answer: C

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.

NEW QUESTION # 17
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. 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.
B. 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.
C. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
D. 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.

Answer: D

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities

NEW QUESTION # 18
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

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

Answer: C,E

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 # 19
During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?

A. Consult with the compliance officer.
B. Document the conclusion within the audit work papers.
C. Increase the sample size.
D. Carry out further investigation of this alert.

Answer: B

Explanation:
Rationale for Documenting Conclusions:
* Documenting findings ensures transparency and provides an audit trail. This is critical when the incident is consistent with provided evidence and no further investigation is warranted.
Audit Work Paper Standards:
* CAMS-Audit recommends that all conclusions be adequately documented, especially when deviations from normal patterns are justified with valid explanations.

NEW QUESTION # 20
......

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