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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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 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 (Q20-Q25):

NEW QUESTION # 20
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. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
B. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
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 # 21
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. If this was a face-to-face customer, the overall customer risk rating should be changed to low.
C. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
D. The ultimate beneficial owners of the customer need to be Identified and verified.
E. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.

Answer: A,D

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 # 22
The company has automated the completion of the customer risk assessment (CRA) into its main customer relationship management (CRM) system The CRM has needs recording the overall risk level assessed (Standard. Enhanced), the ID number of the staff member who completed the assessment, and me date of the last assessment Which additional fields should the auditor recommend to document the CRA process? (Select Three.)

A. Photo ID taken (Passport Driver's License. Other)
B. Annual premium (S)
C. Age (Years)
D. Type of customer (Trust. Company Individual)
E. Residence (Country)
F. Risk factors (Y/N. if Y please specify)

Answer: D,E,F

Explanation:
Enhancements to the CRA Process:
* Risk Factors:Identify and document specific risk indicators for transparency and consistent assessment. This ensures alignment with the risk-based approach advocated by FATF.
* Type of Customer:Differentiating customer types (trust, company, individual) is critical for tailoring due diligence measures to the unique risks associated with each type.
* Residence (Country):Tracking customer jurisdiction ensures risk assessments reflect geopolitical and regulatory changes, fulfilling FATF compliance expectations.
Role of Additional Fields in Compliance:
* These fields enhance traceability, accountability, and risk profiling, ensuring the CRA process is comprehensive and meets regulatory standards.
Advanced CAMS-Audit Guidance:
* Documentation must be detailed and periodically reviewed to address evolving AML risks effectively, as recommended by CAMS-Audit guidelines.

NEW QUESTION # 23
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
B. Findings ate clearly written and facts are accurate
C. Compliance Identifies and schedules pre-exam validation as appropriate.
D. Findings ate explained and assigned to the accountable owners.
E. Additional remediation is identified and planned.

Answer: B,D

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 24
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. Reporting the breach and the regulatory response
B. Responsible action owner and internal audit commitment to follow up
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 # 25
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100% Pass Pass-Sure ACAMS - Valid Advanced-CAMS-Audit Exam Questions

Advanced-CAMS-Audit Lab Questions, Advanced-CAMS-Audit Valid Vce

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q20-Q25):