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Advanced CAMS-Audit Certification Exam actual questions - Advanced-CAMS-Audit torrent pdf - Advanced CAMS-Audit Certification Exam training vce

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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

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 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 (Q77-Q82):

NEW QUESTION # 77
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

A. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
B. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
C. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.
D. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
E. Risk appetite statements should remain stable and consistent, even in changing business conditions.

Answer: B,D

NEW QUESTION # 78
A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs. Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?

A. A fluctuating customer base in an international environment
B. A stable customer base in an international environment
C. A well-known customer base m a localized environment
D. A customer base changing due to a merger in the domestic market

Answer: A

Explanation:
Higher Sample Size Justification:
* A fluctuating international customer base increases the complexity of correspondent banking relationships and sanctions compliance, necessitating a larger sample to assess risks effectively.
Irrelevant Options:
* B and D:Stable or localized environments reduce complexity, lowering sample size needs.
* C:Domestic mergers affect customer risk profiles but are less volatile than fluctuating international markets.

NEW QUESTION # 79
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.
B. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.
C. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.
D. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.

Answer: B

Explanation:
Recommended Action:
* Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
* Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

NEW QUESTION # 80
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. internal control test.
B. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
C. root cause analysis
D. sustainability assessment.

Answer: C

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 # 81
An auditor plans to examine a sample targeting newly onboarded, high net-worth clients to assess adherence to their onboarding policies. What sampling methods should the auditor use? (Select Three.)

A. Systematic sampling
B. Simple random sampling
C. Snowball sampling
D. Judgment sampling
E. Stratified sampling
F. Discovery sampling

Answer: A,D,E

Explanation:
Sampling Methods Justification:
* A. Judgment Sampling: Enables the auditor to target high net-worth clients specifically based on their judgment of risk factors.
* B. Stratified Sampling: Allows for dividing the population into groups (e.g., high net-worth clients) and selecting samples from each group.
* F. Systematic Sampling: Ensures a structured and unbiased selection process, suitable for large datasets.

NEW QUESTION # 82
......

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