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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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Tyisha
3 days ago
I feel confident with B as the choice.
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Kris
8 days ago
Right, B ensures compliance and reduces risks.
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Laquanda
14 days ago
A is good, but not as thorough as B.
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Raul
19 days ago
True, but updating the national art registry is also important.
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Tyisha
24 days ago
Plus, it helps with regulatory scrutiny.
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Kris
29 days ago
Exactly, B covers all bases. Transparency is key.
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Laquanda
1 month ago
But C might not be enough. We need to dig deeper.
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Raul
1 month ago
Option C could work too. Reviewing procedures is important.
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Tyisha
1 month ago
I agree, B makes sense. We need to know the seller and buyer better.
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Kris
2 months ago
I think option B is the best choice. Enhanced due diligence is crucial.
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Domitila
2 months ago
Why not just hire an external investigator for peace of mind?
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Leana
2 months ago
Definitely review those commission procedures!
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Dortha
2 months ago
Really? Do we even know if this art sale was legit?
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Jaclyn
2 months ago
I think updating the national art registry is also important.
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Felicidad
3 months ago
Sounds like enhanced due diligence is a must here!
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Willow
3 months 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
4 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
4 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
5 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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