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Acams Advanced-CAMS-Audit Exam - Topic 4 Question 30 Discussion

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

Acams Advanced-CAMS-Audit Exam - Topic 4 Question 30 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 30
Topic #: 4
[All Advanced-CAMS-Audit Questions]

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?

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Suggested Answer: B

by Terrilyn at May 07, 2026, 10:37 AM

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Kris
4 days ago
I think option B is the best choice. Enhanced due diligence is crucial.
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Domitila
10 days ago
Why not just hire an external investigator for peace of mind?
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Leana
15 days ago
Definitely review those commission procedures!
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Dortha
20 days ago
Really? Do we even know if this art sale was legit?
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Jaclyn
25 days ago
I think updating the national art registry is also important.
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Felicidad
1 month ago
Sounds like enhanced due diligence is a must here!
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Willow
1 month ago
I’m leaning towards option B too, but I wonder if updating the national art registry, as mentioned in A, could also play a role in detecting money laundering.
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Alease
3 months ago
I feel like we practiced a similar question where we had to assess risks in art transactions. I think option D could be relevant, but it seems a bit extreme to hire an external investigator.
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Rosita
3 months ago
I’m not entirely sure, but I think reviewing procedures for commission sales, like in option C, might also be important to ensure compliance.
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Hoa
3 months ago
I remember we discussed the importance of enhanced due diligence in high-value transactions, especially with art sales. It seems like B could be the right choice.
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