Latest ACAMS Advanced-CAMS-Audit Dumps Ppt & Reliable Advanced-CAMS-Audit Practice Materials

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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	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	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 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 (Q63-Q68):

NEW QUESTION # 63
When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

A. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
B. Perform enhanced due diligence on the seller and buyer and update client records with findings
C. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
D. Commission an external investigator to perform enhanced due diligence on the buyer.

Answer: B

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

NEW QUESTION # 64
An auditor should verify that an institution has ensured its AML systems and controls include:

A. supporting documents of its risk management policies and risk profile in relation to money laundering.
B. training for senior management and the governing body only.
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: A

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 # 65
Which action would an auditor take to evaluate design effectiveness?

A. Confirm that alerts in transaction monitoring have been properly escalated or waived.
B. Confirm that customer records are being kept in accordance with policies and procedures.
C. Check whether the policies and procedures are consistent with the authorities' regulations.
D. Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.

Answer: C

Explanation:
* Explanation:Evaluating design effectiveness involves determining whether policies and procedures align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is a design-level assessment rather than testing implementation or outcomes, which would pertain to operational effectiveness.

NEW QUESTION # 66
The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

A. Risk-based
B. Statistical
C. Proportional
D. Judgmental

Answer: D

Explanation:
Appropriateness of Judgmental Sampling:
* Judgmental sampling is optimal when variability in report content and complexity necessitates the auditor's discretion to select the most informative samples.
Guideline Support:
* Basel and FATF emphasize auditor judgment in situations requiring qualitative evaluation of governance reports.

NEW QUESTION # 67
Which finding must be first remediated in order to understand is risks the organization is exposed to?

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

Answer: C

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 # 68
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Latest ACAMS Advanced-CAMS-Audit Dumps Ppt & Reliable Advanced-CAMS-Audit Practice Materials

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Free PDF ACAMS - Reliable Latest Advanced-CAMS-Audit Dumps Ppt

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q63-Q68):

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