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100% Pass Quiz ACAMS - High Pass-Rate Advanced-CAMS-Audit - Advanced CAMS-Audit Certification Exam New Dumps Book

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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

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

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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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q84-Q89):

NEW QUESTION # 84
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

A. Discuss with the senior manager to establish the risk appetite.
B. Test the accuracy of the mathematical aggregation of the risk assessments.
C. Issue a finding that requires the completion of a business-level risk assessment.
D. Accept the risk conclusions provided by the senior manager.

Answer: C

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.

NEW QUESTION # 85
Which are key responsibilities of internal auditors? (Select Two.)

A. Evaluating the management of risk
B. Acting as a catalyst for improvement
C. Determining appropriate risk appetite of the entity
D. Mitigating the risks facing the organization
E. Implementing controls and other safeguards

Answer: A,B

Explanation:
Evaluating the Management of Risk:
* Internal auditors assess the effectiveness of risk management strategies to ensure alignment with organizational goals and regulatory expectations.
Acting as a Catalyst for Improvement:
* Auditors provide insights and recommendations to enhance controls and improve overall risk management practices.
CAMS-Audit Emphasis:
* CAMS-Audit outlines the dual role of internal auditors in evaluating and facilitating risk management improvements.

NEW QUESTION # 86
Which finding must be first remediated in order to understand is risks the organization is exposed to?

A. Finding 3
B. Finding 1
C. Finding 8
D. Finding 5

Answer: B

Explanation:
Finding 1
* This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.
* According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels.
Critical Role in Understanding Risks
* Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.
Alignment with Regulatory Requirements
* FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks.

NEW QUESTION # 87
Independent testing of the New York branch of a foreign bank is conducted by an outsourced audit firm. The independent testing report should be submitted to which authority in order to provide appropriate level of governance and oversight?

A. New York branch regulatory compliance committee headed by the chief incumbent of the branch
B. Bank's designated board committee at the head office
C. Main office risk management committee
D. Compliance oversight committee of the New York branch headed by the chief compliance officer

Answer: B

Explanation:
Reporting to the Head Office Board Committee:
* Independent testing reports must be submitted to the highest governance body to ensure proper oversight and alignment with global AML/CFT policies.
* This ensures that findings are addressed at the appropriate organizational level.
CAMS-Audit and FATF Guidelines:
* Governance frameworks outlined in CAMS-Audit and FATF recommendations emphasize the importance of board-level oversight for critical compliance functions

NEW QUESTION # 88
When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

A. The ultimate beneficial owners of the customer need to be Identified and verified.
B. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
C. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
D. If this was a face-to-face customer, the overall customer risk rating should be changed to low.
E. The purpose and intended nature of the business relationship were not reviewed m the assessment.

Answer: A,E

Explanation:
C:The purpose and intended nature of the business relationship are fundamental elements of customer due diligence (CDD) and should be reviewed in the risk assessment process to understand the rationale behind the customer's activities and their alignment with expected patterns.
D:Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC process to ensure transparency and mitigate risks related to hidden ownership or illicit activities.

NEW QUESTION # 89
......

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