ADVANCED-CAMS-AUDIT VALID EXAM FORUM & NEW ADVANCED-CAMS-AUDIT TEST FEE

Advanced-CAMS-Audit Valid Exam Forum & New Advanced-CAMS-Audit Test Fee

Advanced-CAMS-Audit Valid Exam Forum & New Advanced-CAMS-Audit Test Fee

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
Topic 1
  • Planning and Scoping: This section of the exam measures the skills of audit managers and covers the processes involved in planning an audit engagement. It includes defining the scope, objectives, and resources required for an effective audit. A critical skill evaluated here is the ability to identify risks and develop a comprehensive audit plan that addresses those risks while ensuring compliance with relevant standards.
Topic 2
  • Fieldwork and Evaluation: This section of the exam measures the skills of target professionals to demonstrate audit procedures during fieldwork. It involves collecting evidence, testing controls, and evaluating findings to ensure accuracy and reliability.
Topic 3
  • Reporting, Recommendations, and Follow-Up: This section of the exam measures the skills of audit managers and covers the communication of audit findings to stakeholders. It includes developing clear recommendations for improvement based on evaluation results and ensuring follow-up on those recommendations.
Topic 4
  • Corporate Governance and the Audit Function: This section of the exam measures the skills of auditing professionals and covers the principles and frameworks that guide effective governance in organizations. It emphasizes understanding the roles and responsibilities of the board of directors, management, and auditors. A key skill assessed is the ability to evaluate governance structures and their impact on organizational performance.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q82-Q87):

NEW QUESTION # 82
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

  • A. A document prepared to identify the inherent risk associated with a bank's products and services
  • B. Information technology security risk assessment of the bank's COD risk rating solution
  • C. Independent model validation and testing report of the bank's transaction surveillance systems
  • D. Report of independent audit conducted the previous year

Answer: A

Explanation:
* Identifying inherent risks linked to the bank's products and services is critical to tailor the audit scope and address high-risk areas comprehensively.


NEW QUESTION # 83
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?

  • A. Testing resiliency of proposed recommendations
  • B. Tracking completion of proposed recommendations
  • C. Documenting audit team validation testing
  • D. Providing audit documentation of management responses

Answer: B

Explanation:
Purpose of the Document:
* This document is a management tool to ensure accountability and monitor the progress of resolving outstanding audit findings.
Audit Committee's Role:
* The document facilitates oversight by the audit committee, ensuring timely and effective resolution of recommendations.
CAMS-Audit Recommendations:
* Proper tracking mechanisms are emphasized to align audit processes with institutional and regulatory expectations.


NEW QUESTION # 84
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:

  • A. allow for sales oy third patties other than advisors since most of the customers are local residents.
  • B. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
  • C. include an assessment of jurisdiction where the customer currently resides as this may have changed.
  • D. be updated more often given the risk of the entity.

Answer: C

Explanation:
Dynamic Nature of Customer Risk Assessment (CRA):
* A comprehensive CRA should incorporate jurisdictional risks, as customer location changes could introduce new risks, such as exposure to high-risk or non-compliant jurisdictions.
FATF Recommendations on Risk-Based Approach:
* Periodic updates to the CRA, including changes in customer location, align with FATF's risk-based approach and Recommendation 10.
Audit Observation Implications:
* Omission of jurisdictional assessments could result in undetected risks, undermining the integrity of the AML program.


NEW QUESTION # 85
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. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
  • D. Findings ate clearly written and facts are accurate
  • E. Findings ate explained and assigned to the accountable owners.

Answer: D,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 # 86
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

  • A. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.
  • B. Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.
  • C. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.
  • D. Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.

Answer: D

Explanation:
Importance of AML Training for All Levels of an Institution:
* Advanced CAMS-Audit and FATF emphasize that AML training programs should be inclusive of all stakeholders, including senior management and board members, as they are integral to establishing an effective AML/CFT compliance culture.
Board-Level Training Specifics:
* Directors require tailored AML training to address strategic oversight responsibilities rather than operational controls. Periodic training is mandatory to keep the board updated on regulatory changes and institutional risk profile adjustments.
Audit Observation:
* Exclusion of the board from AML training reflects a gap in the institution's AML framework, potentially exposing it to regulatory scrutiny.
Reference to AML/CFT Standards:
* FATF Recommendations mandate training for all levels of an institution, explicitly highlighting senior management and governance roles in compliance efforts.


NEW QUESTION # 87
......

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