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ACAMS Advanced-CAMS-Audit PDF Format

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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

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 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

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q17-Q22):

NEW QUESTION # 17
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

A. The purpose of the services provided to the respondent bank.
B. The major business activities of the respondent bank.
C. The jurisdiction in which the respondent bank is located.
D. The management and ownership of the respondent bank.

Answer: C

Explanation:
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML
/CFT controls, high corruption levels, or sanctions.

NEW QUESTION # 18
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

A. Names of politically exposed persons that are subject to ongoing monitoring
B. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
C. List of suspicious transactions reported to the regulator
D. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks

Answer: B

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.

NEW QUESTION # 19
What should an auditor verify when auditing areas with previously identified AMI deficiencies?

A. Management discussed an action plan to address any violations and other deficiencies.
B. Management took appropriate and timely action to address any violations and other deficiencies.
C. Senior management agreed that the findings were legitimate.
D. The business attested to remediating the control gaps.

Answer: B

Explanation:
* A: Management took appropriate and timely action to address any violations and other deficiencies.

NEW QUESTION # 20
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?

A. Initially sample 10% of new clients onboarded.
B. Request a list of high-risk clients onboarded from management.
C. Review the CDD onboarding policies and procedures to determine the criteria for selection.
D. Evaluate quality assurance processes tor onboarding new clients.

Answer: C

Explanation:
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.

NEW QUESTION # 21
The standard audit report format requires that an executive summary of the findings is included. Which statement is most appropriate for summarizing detailed findings'?

A. Deletion of transaction records for completed occasional transactions is operationally an efficient practice.
B. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.
C. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
D. Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.

Answer: B

Explanation:
Executive Summary Requirements:
* The statement focuses on clear, evidence-based findings, critical for reflecting material deficiencies in enhanced due diligence (EDD) for high-risk clients.
Guidelines for Reporting:
* FATF emphasizes the consistent application of risk rating systems to ensure ML/TF risks are adequately mitigated.

NEW QUESTION # 22
......

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