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Advanced-CAMS-Audit Exam Questions & Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Dumps Torrent

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

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

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 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.

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Advanced-CAMS-Audit Exam Material & Advanced-CAMS-Audit Valid Test Questions

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q76-Q81):

NEW QUESTION # 76
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

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

Answer: D

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 # 77
Which is a true statement about the computer-assisted audit tool (CAAT)?

A. KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.
B. CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures thatcould replace the requirement for the auditor's own procedures.
C. Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.
D. Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.

Answer: D

Explanation:
Capabilities of CAAT:
* CAAT provides comprehensive data access, allowing auditors to review all customer data over extended periods, unlike traditional methods that rely on sampling.
Irrelevant Options:
* A:Limited samples are more typical of traditional methods.
* B:Data incorporated in the warehouse should not be changeable as it would undermine audit integrity.
* D:CAAT can be customized for specific audit needs.

NEW QUESTION # 78
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. Findings ate explained and assigned to the accountable owners.
C. Additional remediation is identified and planned.
D. Findings ate clearly written and facts are accurate
E. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.

Answer: B,D

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 # 79
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. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.
B. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
C. 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.
D. Deletion of transaction records for completed occasional transactions is operationally an efficient practice.

Answer: A

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 # 80
A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

A. Software
B. Operating
C. Program
D. Design

Answer: B

Explanation:
Testing Operating Effectiveness:
* Operating effectiveness testing evaluates whether controls and systems are functioning as intended on a daily basis, including the accuracy and reliability of automated validation processes.
Relevance to Data Validation:
* The auditor's role in this scenario ensures that the data flowing into the monitoring software is accurate and aligned with operational requirements, reflecting day-to-day effectiveness.
CAMS-Audit Emphasis:
* The emphasis on ongoing operational validation is consistent with Advanced CAMS-Audit practices, which stress continuous monitoring of AML system effectiveness.

NEW QUESTION # 81
......

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