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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

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

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

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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q13-Q18):

NEW QUESTION # 13
During the auditing process the auditor finds that the entity never updates the customers risk assessment.
Which remediation actions should the auditor suggest? (Select Two.)

A. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
B. Management engages an independent third party to update all the customer risk profiles.
C. The business updates the customer risk profiles periodically in accordance with the customer risk level.
D. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
E. Audit designates an audit manager to review customer profiles annually.

Answer: A,C

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

NEW QUESTION # 14
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

A. Discuss with the senior manager to establish the risk appetite.
B. Accept the risk conclusions provided by the senior manager.
C. Test the accuracy of the mathematical aggregation of the risk assessments.
D. Issue a finding that requires the completion of a business-level risk assessment.

Answer: D

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.

NEW QUESTION # 15
Which is considered a minimum requirement in a customer identification program?

A. Customer enhanced due diligence procedures used to identify unusual transactions
B. Account opening procedures that specify the information that will be obtained from each customer
C. Transaction reporting procedures used to report suspicious transactions to the regulator
D. Transaction monitoring procedures that specify the information that will be retained in each transaction

Answer: B

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 16
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

A. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
B. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
C. Risk appetite statements should remain stable and consistent, even in changing business conditions.
D. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
E. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.

Answer: A,B

NEW QUESTION # 17
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

A. Complexity of monitoring scenarios
B. Robustness of feedback relating to submitted suspicious activity reports
C. Scenario altering techniques
D. False positive ratio
E. Data quality and mapping

Answer: D,E

Explanation:
Transaction Monitoring Effectiveness:
* A. Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
* D. False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

NEW QUESTION # 18
......

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