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ACAMS Advanced-CAMS-Audit Exam | Reliable Advanced-CAMS-Audit Exam Vce - Bring you The Best Advanced-CAMS-Audit Minimum Pass Score

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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

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

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q74-Q79):

NEW QUESTION # 74
Which should be incorporated into an AML compliance policy? (Select Three.)

A. Mandatory training requirements
B. Suspicious activity reporting
C. Credit risk assessment
D. Documentation record keeping
E. Financial results reporting
F. Cryptocurrency threat assessment

Answer: A,B,D

Explanation:
AML Compliance Policy Elements:
* A. Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
* B. Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
* E. Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

NEW QUESTION # 75
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

A. A document prepared to identify the inherent risk associated with a bank's products and services
B. Information technology security risk assessment of the bank's COD risk rating solution
C. Independent model validation and testing report of the bank's transaction surveillance systems
D. Report of independent audit conducted the previous year

Answer: A

Explanation:
* Identifying inherent risks linked to the bank's products and services is critical to tailor the audit scope and address high-risk areas comprehensively.

NEW QUESTION # 76
During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

A. File a suspicious activity report as the previous riskrating was not correct.
B. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
C. Designate the account as a PEP-account.
D. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
E. Review the customer risk profile every two years as with any other customers.
F. Review and document the details of the customer s asset-holding arrangement.

Answer: B,C,F

Explanation:
C:Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D:Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E:Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.

NEW QUESTION # 77
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Additional remediation is identified and planned.
B. Findings ate explained and assigned to the accountable owners.
C. Compliance Identifies and schedules pre-exam validation as appropriate.
D. Findings ate clearly written and facts are accurate
E. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.

Answer: B,D

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 78
During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?

A. Carry out further investigation of this alert.
B. Increase the sample size.
C. Document the conclusion within the audit work papers.
D. Consult with the compliance officer.

Answer: C

Explanation:
Rationale for Documenting Conclusions:
* Documenting findings ensures transparency and provides an audit trail. This is critical when the incident is consistent with provided evidence and no further investigation is warranted.
Audit Work Paper Standards:
* CAMS-Audit recommends that all conclusions be adequately documented, especially when deviations from normal patterns are justified with valid explanations.

NEW QUESTION # 79
......

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