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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.

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

NEW QUESTION # 75
When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

A. The purpose and intended nature of the business relationship were not reviewed m the assessment.
B. The ultimate beneficial owners of the customer need to be Identified and verified.
C. If this was a face-to-face customer, the overall customer risk rating should be changed to low.
D. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
E. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.

Answer: A,B

Explanation:
C:The purpose and intended nature of the business relationship are fundamental elements of customer due diligence (CDD) and should be reviewed in the risk assessment process to understand the rationale behind the customer's activities and their alignment with expected patterns.
D:Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC process to ensure transparency and mitigate risks related to hidden ownership or illicit activities.

NEW QUESTION # 76
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. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
B. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
C. Perform enhanced due diligence on the seller and buyer and update client records with findings
D. Commission an external investigator to perform enhanced due diligence on the buyer.

Answer: C

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 # 77
Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

A. Firming 2
B. Finding 5
C. Finding 4
D. Finding 7

Answer: D

Explanation:
* Significance of Finding 4 in Scenario and Threshold Calibration:
* Finding 4typically points to issues with the alignment of customer segmentation or risk profiling.
Incorrect segmentation or categorization directly impacts the assignment of scenarios and thresholds, leading to clients being subjected to inappropriate monitoring settings.
* For example, placing a low-risk client in a high-risk threshold group can cause unnecessary alerts, while the opposite scenario might miss genuine suspicious activities.
* Other Options Evaluated:
* Finding 2:May relate to broader systemic issues but does not specifically highlight misalignment with thresholds or scenarios.
* Finding 5:Typically involves data accuracy concerns but does not directly result in the application of incorrect scenarios or thresholds.
* Finding 7:Often pertains to gaps in coverage or monitoring rather than specific issues in the calibration of scenarios and thresholds.
* Advanced CAMS-Audit Context:
* Advanced CAMS-Audit emphasizes the importance of precise customer segmentation and scenario calibration to ensure transaction monitoring systems operate efficiently and effectively.
Findings pointing to misalignments in these areas are critical indicators of potential weaknesses.
* Regulatory Relevance:
* FATF and Basel Committee standards require risk-based monitoring tailored to the risk profile of each customer. Misaligned thresholds violate this principle, potentially leading to regulatory scrutiny.
Conclusion:The correct answer isB. Finding 4, as it identifies the misalignment of scenarios and thresholds with customer risk profiles, which is a critical issue in ensuring effective AML monitoring systems.

NEW QUESTION # 78
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. Customer enhanced due diligence procedures used to identify unusual transactions
C. Transaction reporting procedures used to report suspicious transactions to the regulator
D. Account opening procedures that specify the information that will be obtained from each customer

Answer: D

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 # 79
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

A. Type of risk assessment needed
B. Purpose of the review
C. Users of the external report
D. Information that will be required
E. Budget available for the review
F. Type of reporting format

Answer: A,B,C

Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.

NEW QUESTION # 80
......

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Valid Test Advanced-CAMS-Audit Cram & Passing Advanced-CAMS-Audit Exam is No More a Challenging Task

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

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

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