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Advanced-CAMS-Audit Exam Dumps : Advanced CAMS-Audit Certification Exam

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Advanced CAMS-Audit Certification Exam Questions and Answers

Question 1

A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

Options:

A.

Program

B.

Software

C.

Design

D.

Operating

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Question 2

Which is a true statement about the computer-assisted audit tool (CAAT)?

Options:

A.

Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.

B.

KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.

C.

Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.

D.

CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures that could replace the requirement for the auditor's own procedures.

Question 3

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?

Options:

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.

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.

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.