New Advanced-CAMS-Audit Exam Notes | Reliable Advanced-CAMS-Audit Practice Questions

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 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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Advanced CAMS-Audit Certification Exam Valid Test Topics & Advanced-CAMS-Audit Free Download Demo & Advanced CAMS-Audit Certification Exam Practice Test Training

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q54-Q59):

NEW QUESTION # 54
What type of audit approach should the auditor use when testing KYC files as part of an AML examination?

A. Risk-based
B. Horizontal
C. Vertical
D. Full scope

Answer: C

Explanation:
Understanding the Vertical Approach:
* A vertical audit focuses on reviewing the entire process or function within a single area or department, such as testing KYC files for compliance and effectiveness in a specific customer group or business line.
Application in AML Examinations:
* Vertical audits are particularly useful for examining KYC processes as they allow auditors to trace the end-to-end workflow, from customer onboarding to risk assessment and ongoing monitoring.
Alignment with Advanced CAMS-Audit Guidelines:
* The vertical approach provides detailed insights into compliance gaps within the KYC function, helping auditors identify root causes and systemic issues, which is emphasized in CAMS-Audit training.

NEW QUESTION # 55
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

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

Answer: C

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 # 56
Which should be incorporated into an AML compliance policy? (Select Three.)

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

Answer: B,C,F

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 # 57
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. 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.
C. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
D. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.

Answer: D

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 # 58
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task.
The audit item discussion between the auditor and the operational manager is a(n):

A. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
B. sustainability assessment.
C. internal control test.
D. root cause analysis

Answer: D

Explanation:
Nature of Discussion:
* Root cause analysis is required to identify underlying reasons for the failure to perform the control, particularly resource constraints.
Key Compliance Justification:
* Addressing the root cause aligns with Basel Committee guidelines on improving control environments and addressing systemic issues in AML compliance.

NEW QUESTION # 59
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NEW ADVANCED-CAMS-AUDIT EXAM NOTES | RELIABLE ADVANCED-CAMS-AUDIT PRACTICE QUESTIONS

New Advanced-CAMS-Audit Exam Notes | Reliable Advanced-CAMS-Audit Practice Questions