LATEST ADVANCED-CAMS-AUDIT STUDY MATERIALS & ADVANCED-CAMS-AUDIT RELIABLE TEST COST

Latest Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Reliable Test Cost

Latest Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Reliable Test Cost

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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
  • 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
  • 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.

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

NEW QUESTION # 75
Which KYC-related finding poses the most risk to the organization?

  • A. Sanctions fists that are updated on a periodic basis following an annual risk assessment
  • B. KYC requirements being considered a low priority not designed into business processes and implemented after product launch
  • C. KYC processes not being integrated into the business and associated application systems
  • D. Backlogs and delays in maintaining client files in accordance with the organization's policy

Answer: B

Explanation:
KYC integration is fundamental to ensuring that anti-money laundering controls are effective from the outset of client onboarding. Delayed implementation of KYC increases the risk of onboarding high-risk customers without adequate due diligence.
Advanced CAMS-Audit documentation stresses the importance of embedding KYC into business processes during product design and rollout phases to mitigate risks.
Neglecting this requirement can expose the organization to severe regulatory penalties and reputational damage.


NEW QUESTION # 76
During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

  • A. Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.
  • B. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
  • C. Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.
  • D. Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.

Answer: C

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities


NEW QUESTION # 77
Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

  • A. Finding 1
  • B. Finding 6
  • C. Finding 3
  • D. Finding 8
  • E. Finding 5
  • F. Finding 4

Answer: A,D,F

Explanation:
Finding 1
* This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
* CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
* This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
* Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
* Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
* CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.


NEW QUESTION # 78
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

  • A. Procedures
  • B. Reporting
  • C. Controls
  • D. Risks

Answer: C

Explanation:
Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively.
CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks.


NEW QUESTION # 79
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

  • A. Names of politically exposed persons that are subject to ongoing monitoring
  • B. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
  • C. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
  • D. List of suspicious transactions reported to the regulator

Answer: C

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.


NEW QUESTION # 80
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