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Advanced CAMS-Audit Certification Exam Updated Study Material & Advanced-CAMS-Audit Online Test Simulator & Advanced CAMS-Audit Certification Exam Valid Exam Answers

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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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q13-Q18):

NEW QUESTION # 13
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

A. Audits need to approve the implementation of the controls and review testing outcomes.
B. Strict CDD rules promote high ethical and professional standards in the financial industry.
C. Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.
D. There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.

Answer: C

Explanation:
B: Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

NEW QUESTION # 14
Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

A. Responsible action owner and internal audit commitment to follow up
B. Reporting the breach and the regulatory response
C. Available resources and board of directors' commitment
D. Target completion date and status update on remedial action

Answer: D

Explanation:
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.

NEW QUESTION # 15
During the auditing process the auditor finds that the entity never updates the customers risk assessment.
Which remediation actions should the auditor suggest? (Select Two.)

A. Audit designates an audit manager to review customer profiles annually.
B. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
C. Management engages an independent third party to update all the customer risk profiles.
D. The business updates the customer risk profiles periodically in accordance with the customer risk level.
E. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

Answer: D,E

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

NEW QUESTION # 16
Following completion of testing and tuning of the parameters and thresholds of the transaction monitoring model which final step should the team recommend as necessary to verify effective model functioning?

A. Audit continuous monitoring
B. Data validation
C. Regulatory approvals
D. Model validation

Answer: D

Explanation:
Purpose of Model Validation:
* Model validation ensures that the transaction monitoring model is functioning as intended, effectively identifying suspicious transactions and mitigating AML/CFT risks.
* It encompasses testing data accuracy, parameter relevance, threshold efficacy, and compliance with regulatory requirements.
Process:
* Validation includes end-to-end reviews, statistical evaluations, and expert assessments of model outputs.
* According to FATF and Basel Committee standards, model validation is a critical component of the AML framework.
Irrelevance of Other Options:
* Audit continuous monitoringfocuses on ongoing oversight, not the specific confirmation of initial model functionality.
* Data validationaddresses data quality but does not verify operational model performance.
* Regulatory approvalsare necessary for compliance but are not a step in verifying model functioning.

NEW QUESTION # 17
Which scenarios should be used to monitor for potential elder abuse? (Select Two.)

A. Scenarios 8
B. Scenarios 7
C. Scenarios 5
D. Scenarios 2
E. Scenarios 1

Answer: A,B

Explanation:
* Explanation:Scenarios 7 and 8 align with elder abuse detection by focusing on unusual account behaviors, like abrupt large withdrawals or transactions inconsistent with the elder's profile. Patterns like these often indicate exploitation.

NEW QUESTION # 18
......

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