EFFICIENT ADVANCED-CAMS-AUDIT UPDATED DEMO & LEADING OFFER IN QUALIFICATION EXAMS & FREE PDF ACAMS ADVANCED CAMS-AUDIT CERTIFICATION EXAM

Efficient Advanced-CAMS-Audit Updated Demo & Leading Offer in Qualification Exams & Free PDF ACAMS Advanced CAMS-Audit Certification Exam

Efficient Advanced-CAMS-Audit Updated Demo & Leading Offer in Qualification Exams & Free PDF ACAMS Advanced CAMS-Audit Certification Exam

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
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
  • 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 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
  • 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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

  • A. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.
  • B. Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.
  • C. Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.
  • D. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.

Answer: C

Explanation:
Importance of AML Training for All Levels of an Institution:
* Advanced CAMS-Audit and FATF emphasize that AML training programs should be inclusive of all stakeholders, including senior management and board members, as they are integral to establishing an effective AML/CFT compliance culture.
Board-Level Training Specifics:
* Directors require tailored AML training to address strategic oversight responsibilities rather than operational controls. Periodic training is mandatory to keep the board updated on regulatory changes and institutional risk profile adjustments.
Audit Observation:
* Exclusion of the board from AML training reflects a gap in the institution's AML framework, potentially exposing it to regulatory scrutiny.
Reference to AML/CFT Standards:
* FATF Recommendations mandate training for all levels of an institution, explicitly highlighting senior management and governance roles in compliance efforts.


NEW QUESTION # 15
Suspicious activity report testing in the last three audits did not identify any metrics to indicate that volume vanes dramatically each month. Which step should the auditor take next?

  • A. Review within the IT audit.
  • B. Assign to continuous monitoring.
  • C. Escalate the finding regarding the lack of metrics to the board of directors.
  • D. Include the lack of metrics as a deficiency in the reporting.

Answer: D

Explanation:
Deficiency in Reporting Metrics:
* AML compliance frameworks require metrics to track trends and unusual patterns in suspicious activity reports (SARs). A lack of such metrics is a deficiency that undermines monitoring and oversight.
Why This is the Appropriate Step:
* Identifying and documenting deficiencies ensures accountability and facilitates corrective action, aligning with AML audit standards.


NEW QUESTION # 16
As an auditor reviewing this investigation report, which indicates an effective process?

  • A. The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.
  • B. The compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
  • C. The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.
  • D. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.

Answer: A

Explanation:
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations and demonstrates the effectiveness of the investigative process.


NEW QUESTION # 17
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

  • A. Findings ate clearly written and facts are accurate
  • B. Compliance Identifies and schedules pre-exam validation as appropriate.
  • C. Additional remediation is identified and planned.
  • D. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
  • E. Findings ate explained and assigned to the accountable owners.

Answer: A,E

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 # 18
A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?

  • A. Initiate a request for proposals for new AML systems and solutions.
  • B. Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.
  • C. Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.
  • D. Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.

Answer: B

Explanation:
Response to Deficiencies:
* Engaging a third party ensures an independent, expert evaluation of deficiencies and the creation of a robust remediation plan.
* This aligns with regulatory expectations for addressing material AML program weaknesses effectively.


NEW QUESTION # 19
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