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Advanced-CAMS-Audit Certification Training & Advanced-CAMS-Audit Study Guide & Advanced-CAMS-Audit Best Questions

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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 Test Certification Cost - Advanced-CAMS-Audit Cert Guide

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q49-Q54):

NEW QUESTION # 49
Which should be incorporated into an AML compliance policy? (Select Three.)

A. Mandatory training requirements
B. Suspicious activity reporting
C. Documentation record keeping
D. Cryptocurrency threat assessment
E. Financial results reporting
F. Credit risk assessment

Answer: A,B,C

Explanation:
AML Compliance Policy Elements:
* A. Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
* B. Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
* E. Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

NEW QUESTION # 50
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

A. Size and stature of a respondent bank's operations in its home country.
B. Volume of transaction activity referred by the respondent bank.
C. Number of correspondent banking relations terminated.
D. Number of respondent banks located in higher risk jurisdictions.

Answer: D

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.

NEW QUESTION # 51
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

A. Business reporting lines
B. Interaction with internal audit
C. Staffing levels on the AML team
D. Changes in board members

Answer: C

Explanation:
Key Assessment Factors for AML Structure Changes:
* Staffing levels ensure the AML department has adequate resources to meet its obligations, especially in light of new responsibilities or organizational changes.
Irrelevant Options:
* A:Interaction with internal audit is important but not directly tied to structural changes.
* C:Changes in board members are governance-related, not operational AML concerns.
* D:Reporting lines are relevant but secondary to resource adequacy.

NEW QUESTION # 52
What should an auditor verify when auditing areas with previously identified AMI deficiencies?

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

Answer: A

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

NEW QUESTION # 53
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. An end-to-end diagram that depicts core elements such as source systems and data flows
B. The FI's AML risk assessment
C. A report from the AML system showing the import of transactional data
D. A document from the vendor confirming the data integrity of the AML system's software

Answer: A

Explanation:
Data Integrity Review:
* An end-to-end diagram provides a comprehensive view of data sources, flows, and integrity checkpoints, enabling auditors to assess the completeness and accuracy of transactional data in AML systems.
Importance of Visual Representation:
* FATF and Basel guidelines stress the need for clarity in data flows to ensure accurate monitoring and reporting of suspicious activities.

NEW QUESTION # 54
......

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