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Study Your ACAMS Advanced-CAMS-Audit Exam with Pass-Sure Advanced-CAMS-Audit Practice Engine: Advanced CAMS-Audit Certification Exam Efficiently

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 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 (Q84-Q89):

NEW QUESTION # 84
Which key elements of testing methodology should be documented? (Select Three.)

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

Answer: D,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 # 85
What type of audit approach should the auditor use when testing KYC files as part of an AML examination?

A. Full scope
B. Risk-based
C. Vertical
D. Horizontal

Answer: C

Explanation:
Understanding the Vertical Approach:
* A vertical audit focuses on reviewing the entire process or function within a single area or department, such as testing KYC files for compliance and effectiveness in a specific customer group or business line.
Application in AML Examinations:
* Vertical audits are particularly useful for examining KYC processes as they allow auditors to trace the end-to-end workflow, from customer onboarding to risk assessment and ongoing monitoring.
Alignment with Advanced CAMS-Audit Guidelines:
* The vertical approach provides detailed insights into compliance gaps within the KYC function, helping auditors identify root causes and systemic issues, which is emphasized in CAMS-Audit training.

NEW QUESTION # 86
What should an auditor verify when auditing areas with previously identified AMI deficiencies?

A. Senior management agreed that the findings were legitimate.
B. The business attested to remediating the control gaps.
C. Management took appropriate and timely action to address any violations and other deficiencies.
D. Management discussed an action plan to address any violations and other deficiencies.

Answer: C

Explanation:
* A: Management took appropriate and timely action to address any violations and other deficiencies.

NEW QUESTION # 87
Which are key responsibilities of internal auditors? (Select Two.)

A. Mitigating the risks facing the organization
B. Implementing controls and other safeguards
C. Determining appropriate risk appetite of the entity
D. Evaluating the management of risk
E. Acting as a catalyst for improvement

Answer: D,E

Explanation:
Evaluating the Management of Risk:
* Internal auditors assess the effectiveness of risk management strategies to ensure alignment with organizational goals and regulatory expectations.
Acting as a Catalyst for Improvement:
* Auditors provide insights and recommendations to enhance controls and improve overall risk management practices.
CAMS-Audit Emphasis:
* CAMS-Audit outlines the dual role of internal auditors in evaluating and facilitating risk management improvements.

NEW QUESTION # 88
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. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
C. The ultimate beneficial owners of the customer need to be Identified and verified.
D. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
E. If this was a face-to-face customer, the overall customer risk rating should be changed to low.

Answer: A,C

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 # 89
......

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