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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 (Q59-Q64):

NEW QUESTION # 59
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 decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
C. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
D. The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.

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 # 60
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?

A. Providing audit documentation of management responses
B. Testing resiliency of proposed recommendations
C. Documenting audit team validation testing
D. Tracking completion of proposed recommendations

Answer: D

Explanation:
Purpose of the Document:
* This document is a management tool to ensure accountability and monitor the progress of resolving outstanding audit findings.
Audit Committee's Role:
* The document facilitates oversight by the audit committee, ensuring timely and effective resolution of recommendations.
CAMS-Audit Recommendations:
* Proper tracking mechanisms are emphasized to align audit processes with institutional and regulatory expectations.

NEW QUESTION # 61
A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?

A. Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.
B. Initiate a request for proposals for new AML systems and solutions.
C. Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.
D. Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.

Answer: A

Explanation:
Response to Deficiencies:
* Engaging a third party ensures an independent, expert evaluation of deficiencies and the creation of a robust remediation plan.
* This aligns with regulatory expectations for addressing material AML program weaknesses effectively.

NEW QUESTION # 62
Which is the most significant risk associated with KYC requirements being considered a low priority not designed into processes and subsequently implemented after the products are already launched?

A. Product launches will motivate frontline to get more customers.
B. Frontline will not complete adequate CDD.
C. Client experience improves as accounts can be opened more quickly.
D. Product launches may not be adequately prepared.

Answer: B

Explanation:
* Critical Impact:
* Absence of CDD processes during product launch leaves the institution exposed to onboarding high-risk customers without proper risk assessment.
* Guidelines and Compliance:
* FATF standards emphasize embedding CDD in all stages of customer interaction to mitigate ML
/TF risks.

NEW QUESTION # 63
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Confirm with client onboarding teams whether or not high-risk customers exist.
B. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
C. Ask the account officers whether the CDD and KYC information provided is correct.
D. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.
E. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Answer: B,E

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 64
......

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