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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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	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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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

A. AML corporate governance
B. Recent audit findings
C. Client base stability
D. Clients of the institution for more than 10 years
E. Previous correspondent banking relationships

Answer: A,B

Explanation:
Recent Audit Findings:
* Reviewing past findings ensures the institution has addressed previous deficiencies and allows the auditor to assess the effectiveness of implemented corrective actions.
AML Corporate Governance:
* Corporate governance is a critical component of AML compliance, involving oversight structures, policies, and accountability mechanisms to prevent money laundering risks.
Alignment with CAMS-Audit Principles:
* Advanced CAMS-Audit emphasizes evaluating governance structures and learning from recent audits to maintain robust AML controls.

NEW QUESTION # 28
A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers.What would an auditorreview to assess whether this risk has been addressed?

A. Request data on the volume and value of transactions through the privately-owned ATM customers.
B. Review the current risk assessment to determine the existence of privately-owned ATM customers.
C. Draft policies and procedures for the FI's privately-owned ATM customers.
D. Prepare to audit a sample of the FI's privately-owned ATM customers.

Answer: B

Explanation:
Reviewing the Risk Assessment:
* A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in terms of potential AML risks.
Auditor's Task:
* Confirm that specific policies and procedures are now in place to address identified risks from the previous assessment.
Relevance to CAMS-Audit Standards:
* Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas like privately-owned ATMs.

NEW QUESTION # 29
What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.
B. The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.
C. The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.
D. The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.

Answer: B

Explanation:
Outsourced Training Oversight Requirements:
* CAMS-Audit emphasizes that institutions must ensure outsourced providers deliver training aligned with internal policies and regulatory standards.
Control Mechanisms for Outsourced AML Providers:
* The bank must have controls in place to:
* Review the content of training sessions.
* Validate trainer qualifications.
* Assess the effectiveness of training through feedback or testing.
Deficiencies in the Current Approach:
* Failure to implement verification mechanisms for outsourced training compromises the consistency and quality of the AML education program.
Regulatory Requirements:
* FATF and Basel guidelines mandate oversight of third-party service providers, especially for critical functions like AML compliance training.

NEW QUESTION # 30
The mam characteristics of an AML program testing are:

A. tailored and risk-based.
B. standard and focused.
C. remedial and interdependent.
D. innovative and evaluative.

Answer: A

Explanation:
Characteristics of Effective AML Program Testing:
* Tailored:Custom-designed to address specific organizational risks.
* Risk-Based:Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
* Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the most significant threats.

NEW QUESTION # 31
If a final audit communication contains a significant error, the chief audit executive must:

A. reevaluate the item(s) and resubmit findings for discussion on factualaccuracy.
B. report the error to the local AML regulator.
C. tell those who received the communication of the error and corrections.
D. recall the audit report assess the error and resubmit the correct one.

Answer: D

Explanation:
A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards.

NEW QUESTION # 32
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Advanced-CAMS-Audit Latest Test Question, Guaranteed Advanced-CAMS-Audit Success

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Advanced-CAMS-Audit test torrent, exam questions and answers for Advanced CAMS-Audit Certification Exam

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q27-Q32):

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