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ACAMS Advanced-CAMS-Audit Valid Exam Tutorial & Test Advanced-CAMS-Audit Guide Online

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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.

Topic 2

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 3

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 4

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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q65-Q70):

NEW QUESTION # 65
Which KYC-related finding poses the most risk to the organization?

A. Sanctions fists that are updated on a periodic basis following an annual risk assessment
B. Backlogs and delays in maintaining client files in accordance with the organization's policy
C. KYC processes not being integrated into the business and associated application systems
D. KYC requirements being considered a low priority not designed into business processes and implemented after product launch

Answer: D

Explanation:
KYC integration is fundamental to ensuring that anti-money laundering controls are effective from the outset of client onboarding. Delayed implementation of KYC increases the risk of onboarding high-risk customers without adequate due diligence.
Advanced CAMS-Audit documentation stresses the importance of embedding KYC into business processes during product design and rollout phases to mitigate risks.
Neglecting this requirement can expose the organization to severe regulatory penalties and reputational damage.

NEW QUESTION # 66
Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

A. List of politically exposed persons
B. Money laundering risk assessment
C. Log of law enforcement requests
D. Management action plan for remediating audit findings
E. Internal controls including policies and procedures

Answer: B,E

Explanation:
Importance of Risk Assessment and Controls:
* A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts.
* Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements.
Irrelevant Options:
* C:A management action plan is remedial, not preventive.
* D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
* E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.

NEW QUESTION # 67
A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?

A. Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.
B. Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.
C. Initiate a request for proposals for new AML systems and solutions.
D. Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.

Answer: D

Explanation:
Response to Deficiencies:
* Engaging a third party ensures an independent, expert evaluation of deficiencies and the creation of a robust remediation plan.
* This aligns with regulatory expectations for addressing material AML program weaknesses effectively.

NEW QUESTION # 68
Which finding must be first remediated in order to understand is risks the organization is exposed to?

A. Finding 5
B. Finding 1
C. Finding 8
D. Finding 3

Answer: B

Explanation:
Finding 1
* This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.
* According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels.
Critical Role in Understanding Risks
* Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.
Alignment with Regulatory Requirements
* FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks.

NEW QUESTION # 69
What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

A. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
B. The overall volume of cash deposit reporting for the quarter
C. Testing of the customer's identifying information using reliable and independent source documents
D. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
E. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship

Answer: A,E

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 70
......

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