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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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

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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q76-Q81):

NEW QUESTION # 76
Which is considered a minimum requirement in a customer identification program?

A. Transaction monitoring procedures that specify the information that will be retained in each transaction
B. Transaction reporting procedures used to report suspicious transactions to the regulator
C. Account opening procedures that specify the information that will be obtained from each customer
D. Customer enhanced due diligence procedures used to identify unusual transactions

Answer: C

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 77
Which key elements of testing methodology should be documented? (Select Three.)

A. Elements contributing to the inherent risk of the organization
B. Planned expansion or changes in the business profile of the organization
C. Sampling method applied to select an appropriate sample size
D. Relevant testing techniques subject to the nature and size of the test population
E. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
F. Documentation requirements of test results supporting the conclusion

Answer: C,E,F

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 78
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

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

Answer: C,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 # 79
Which circumstance would impair an auditor's independence and objectivity?

A. Working with staff to design and implement key controls
B. Presenting at a local audit industry event where best practices are discussed
C. Attending internal meetings where key risk indicators are discussed
D. Donating funds to a local chanty which relates to the organization being audited

Answer: A

Explanation:
Impairment of Independence and Objectivity:
* Auditors must remain independent and objective. Direct involvement in designing and implementing controls creates a conflict of interest.
Guidelines from CAMS-Audit:
* CAMS-Audit emphasizes that auditors should limit their role to evaluating controls and avoid involvement in operational tasks.
Standards of Professional Conduct:
* Independence is a cornerstone of effective auditing, ensuring unbiased findings and recommendations.

NEW QUESTION # 80
Which should the auditor recommend to management in terms of the client's risk rating procedures?

A. Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.
B. Provide staff with training on new record retention requirements for occasional transactions.
C. Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.
D. Include an assessment of risk factors of channel, credit, and transaction risk to determine the client's composite AML and sanctions risk score.

Answer: D

Explanation:
* Incorporating Comprehensive Risk Factors
* By including an assessment of channel, credit, and transaction risks, the client's overall risk profile is accurately determined. This aligns with risk-based approaches emphasized by FATF and CAMS-Audit standards.
* These risk factors provide a granular view of the client's risk level, ensuring proper classification into Standard or Enhanced Due Diligence categories.
* Regulatory Alignment
* FATF Recommendations mandate that client risk assessments consider the products, services, and delivery channels used, as well as geographic and transactional risks.
ConclusionImplementing composite AML and sanctions risk scores ensures the institution is compliant with regulatory standards and adequately mitigates risks associated with different client profiles.

NEW QUESTION # 81
......

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