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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 (Q89-Q94):

NEW QUESTION # 89
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. 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.
B. 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.
C. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
D. 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.

Answer: D

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 # 90
A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds'? (Select Two.)

A. Above-the-line and below-the-line testing
B. Length of time the FI has deployed the software program
C. Proof of validation from the TM software provider
D. A copy of the FI's AML risk assessment
E. Comparison against past suspicious activity reported

Answer: A,E

Explanation:
Comparison Against Past Suspicious Activity Reported:
* This evaluates whether the new thresholds are identifying similar or improved patterns of suspicious activity compared to prior thresholds.
* Helps validate that the updated thresholds align with the institution's AML risk profile and regulatory expectations.
Above-the-Line and Below-the-Line Testing:
* Above-the-line tests verify that alerts generated by the thresholds include expected suspicious transactions.
* Below-the-line tests assess transactions below the threshold to ensure no significant suspicious activities are missed.
CAMS-Audit Reference:
* Advanced CAMS-Audit frameworks emphasize the importance of both historical comparison and robust testing methodologies to validate transaction monitoring system updates.

NEW QUESTION # 91
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

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

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 # 92
The auditor identifies that the bank launched trade finance services this year.The target clients are multinational companies who actively support China's belt and road initiatives.Which scoring themes would be affected? (Select Two.)

A. 11.3
B. 13.1
C. 12.1
D. 11.2
E. 12.2

Answer: A,D

Explanation:
* Identification of Themes Relevant to Trade Finance Services:
* Trade finance services for multinational companies participating in China's Belt and Road initiatives involve transactions with potential geopolitical, regulatory, and economic risks.
* These transactions generally encompass cross-border activities, high-value accounts, and potentially politically exposed persons (PEPs).
* Scoring Theme A (11.2): Economic Activity and Geographical Risks:
* As these services involve international trade, they are inherently linked to economic activity and geographical risks. FATF guidelines indicate the necessity to evaluate regions with different AML
/CFT maturity levels. This is consistent with theme 11.2, focusing on the understanding and mitigation of risks associated with economic and geographical contexts.
* Scoring Theme B (11.3): Customer Due Diligence and Enhanced Measures for High-Risk Profiles:
* The target clientele includes multinational companies, which might require enhanced customer due diligence (EDD), especially when engaging with entities or PEPs from countries with varying regulatory controls.
* FATF Recommendations and Basel Committee insights emphasize robust customer identification, verification, and ongoing monitoring, aligning with theme 11.3's requirements.
* Not Affected Themes:
* C (12.1):This theme pertains more to specific reporting or transaction monitoring requirements that might not directly relate to the initiation of trade finance services.
* D (12.2) and E (13.1):These themes are typically associated with procedural adjustments rather than the scoring of risk profiles.
* Advanced CAMS-Audit Framework Alignment:
* Advanced CAMS-Audit highlights the role of structured compliance frameworks in mitigating risks tied to strategic initiatives like the Belt and Road.
* Evaluators assess the institution's alignment with FATF, Basel Committee, and regional guidelines to ensure adherence to best practices for risk mitigation.
Conclusion:The scoring themes A (11.2) and B (11.3) are significantly influenced by the introduction of trade finance services targeting multinational corporations under China's Belt and Road initiatives. This is due to the intertwined economic and geographical risks and the requisite enhanced due diligence measures for high-risk customer segments.

NEW QUESTION # 93
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
B. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
C. The organization might have reported a sanction breach that is not a current sanction violation.
D. The finding is on a different audit topic than the KYC related findings.

Answer: A

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 94
......

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ADVANCED-CAMS-AUDIT PASS-FOR-SURE MATERIALS - ADVANCED-CAMS-AUDIT STUDY MATERIALS & ADVANCED-CAMS-AUDIT EXAM TORRENT

Advanced-CAMS-Audit Pass-for-Sure Materials - Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Exam Torrent