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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	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 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	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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q24-Q29):

NEW QUESTION # 24
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

A. Review a list of high-risk customers provided by compliance.
B. Query the completeness of the customer data to be provided.
C. Review the financial institution's AML risk assessment to understand the institution's client base.
D. Discuss the client risk scoring process with the head of AML.

Answer: C

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.

NEW QUESTION # 25
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

A. Client base stability
B. Recent audit findings
C. Clients of the institution for more than 10 years
D. Previous correspondent banking relationships
E. AML corporate governance

Answer: B,E

Explanation:
Recent Audit Findings:
* Reviewing past findings ensures the institution has addressed previous deficiencies and allows the auditor to assess the effectiveness of implemented corrective actions.
AML Corporate Governance:
* Corporate governance is a critical component of AML compliance, involving oversight structures, policies, and accountability mechanisms to prevent money laundering risks.
Alignment with CAMS-Audit Principles:
* Advanced CAMS-Audit emphasizes evaluating governance structures and learning from recent audits to maintain robust AML controls.

NEW QUESTION # 26
As an auditor reviewing this investigation report, which indicates an effective process?

A. The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.
B. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
C. The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.
D. The compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.

Answer: A

Explanation:
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations and demonstrates the effectiveness of the investigative process.

NEW QUESTION # 27
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. An end-to-end diagram that depicts core elements such as source systems and data flows
B. A report from the AML system showing the import of transactional data
C. A document from the vendor confirming the data integrity of the AML system's software
D. The FI's AML risk assessment

Answer: A

Explanation:
Data Integrity Review:
* An end-to-end diagram provides a comprehensive view of data sources, flows, and integrity checkpoints, enabling auditors to assess the completeness and accuracy of transactional data in AML systems.
Importance of Visual Representation:
* FATF and Basel guidelines stress the need for clarity in data flows to ensure accurate monitoring and reporting of suspicious activities.

NEW QUESTION # 28
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

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

Answer: C

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 # 29
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New Advanced-CAMS-Audit Test Vce - Dump Advanced-CAMS-Audit Collection

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Dump Advanced-CAMS-Audit Collection | Advanced-CAMS-Audit Valid Real Test

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q24-Q29):

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