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Pass Guaranteed ACAMS - Advanced-CAMS-Audit Newest Test Duration

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Don't you want to make a splendid achievement in your career? Certainly hope so. Then it is necessary to constantly improve yourself. Working in the ACAMS industry, what should you do to improve yourself? In fact, it is a good method to improve yourself by taking ACAMS certification exams and getting ACAMS certificate. ACAMS certificate is very important certificate, so more and more people choose to attend Advanced-CAMS-Audit Certification Exam.

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q75-Q80):

NEW QUESTION # 75
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. tell those who received the communication of the error and corrections.
C. report the error to the local AML regulator.
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 # 76
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

A. US entities having branches outside the US
B. Non-US entities having branches outside the US
C. US citizens residing outside the
D. Non-US citizens residing in the US

Answer: D

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.

NEW QUESTION # 77
An auditor should verify that an institution has ensured its AML systems and controls include:

A. training for senior management and the governing body only.
B. supporting documents of its risk management policies and risk profile in relation to money laundering.
C. daily reports by the institution's money laundering reporting officer on the operation and effectiveness of those systems and controls.
D. measures to ensure that money laundering risk is taken into account in its monthly operations.

Answer: B

Explanation:
Core Components of AML Systems and Controls:
* Supporting documentation ensures alignment with regulatory expectations and helps auditors verify that the institution's policies and controls reflect its assessed risks.
Other Options:
* B:Monthly operations are operational concerns, not control documentation.
* C:Daily reports are excessive for governance purposes.
* D:Training must include all staff, not only senior management.

NEW QUESTION # 78
What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

A. Testing of the customer's identifying information using reliable and independent source documents
B. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
C. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
D. The overall volume of cash deposit reporting for the quarter
E. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures

Answer: B,C

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 79
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. root cause analysis
C. sustainability assessment.
D. internal control test.

Answer: B

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 # 80
......

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