Discuss Acams Advanced-CAMS-Audit Exam Topic 4 Question 28

An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

AReview the CDD onboarding policies and procedures to determine the criteria for selection.

BEvaluate quality assurance processes tor onboarding new clients.

CInitially sample 10% of new clients onboarded.

DRequest a list of high-risk clients onboarded from management.
First Steps for Sampling:
Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.

Suggested Answer: A

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12 comments · newest first

Rebbeca 3 months ago

But what about D? High-risk clients should be prioritized first.

Reiko 4 months ago

Agreed! Reviewing policies helps align with risk criteria.

Alease 4 months ago

I think A is the best first step. It sets the foundation.

Gussie 4 months ago

Surprised that A is the first step. Thought it’d be more about the clients directly.

Renay 4 months ago

Totally agree with A! It sets the foundation.

Willis 4 months ago

Wait, why not just sample 10% first? Seems easier.

Marg 6 months ago

I think D makes more sense. High-risk clients are key.

Timmy 6 months ago

Gotta start with A, right? Policies first!

Dalene 7 months ago

I’m leaning towards option A, but I wonder if starting with a percentage of the clients could also be valid. It’s tricky!

Justine 7 months ago

I remember a practice question where we had to identify high-risk clients first. Maybe requesting that list could be a good starting point?

Sarah 7 months ago

I'm not entirely sure, but I feel like evaluating quality assurance processes might be important too. It could help identify any gaps in the onboarding.

Sylvia 7 months ago

I think the first step should be to review the CDD onboarding policies. It makes sense to understand the criteria before selecting a sample.

Acams Advanced-CAMS-Audit Exam - Topic 4 Question 28 Discussion