QUIZ ACAMS - ADVANCED-CAMS-AUDIT - AUTHORITATIVE RELIABLE ADVANCED CAMS-AUDIT CERTIFICATION EXAM DUMPS

Quiz ACAMS - Advanced-CAMS-Audit - Authoritative Reliable Advanced CAMS-Audit Certification Exam Dumps

Quiz ACAMS - Advanced-CAMS-Audit - Authoritative Reliable Advanced CAMS-Audit Certification Exam Dumps

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
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 (Q53-Q58):

NEW QUESTION # 53
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. The FI's AML risk assessment
  • C. A document from the vendor confirming the data integrity of the AML system's software
  • D. A report from the AML system showing the import of transactional data

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 # 54
Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment?
(Select Two.)

  • A. Office of Foreign Assets Control filtering
  • B. Liquidity risk
  • C. Overall customer volume
  • D. Customer risk
  • E. Product risk

Answer: D,E

Explanation:
Product Risk: Certain products (e.g., high-value transfers, anonymous payment systems) inherently carry higher AML risks and require tailored risk mitigation measures.
Customer Risk: Understanding the risk profile of customers, including PEPs and high-net-worth individuals, is critical to assessing exposure and implementing risk-based approaches.
Both factors are core components in AML risk assessments, as highlighted in CAMS-Audit materials and FATF standards.


NEW QUESTION # 55
Which should the auditor recommend to management in terms of the client's risk rating procedures?

  • A. Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.
  • B. Include an assessment of risk factors of channel, credit, and transaction risk to determine the client's composite AML and sanctions risk score.
  • C. Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.
  • D. Provide staff with training on new record retention requirements for occasional transactions.

Answer: B

Explanation:
* Incorporating Comprehensive Risk Factors
* By including an assessment of channel, credit, and transaction risks, the client's overall risk profile is accurately determined. This aligns with risk-based approaches emphasized by FATF and CAMS-Audit standards.
* These risk factors provide a granular view of the client's risk level, ensuring proper classification into Standard or Enhanced Due Diligence categories.
* Regulatory Alignment
* FATF Recommendations mandate that client risk assessments consider the products, services, and delivery channels used, as well as geographic and transactional risks.
ConclusionImplementing composite AML and sanctions risk scores ensures the institution is compliant with regulatory standards and adequately mitigates risks associated with different client profiles.


NEW QUESTION # 56
The standard audit report format requires that an executive summary of the findings is included. Which statement is most appropriate for summarizing detailed findings'?

  • A. Evidence indicated inconsistent application of the client risk rating procedures and lack of evidence of enhanced due diligence measures for higher risk clients.
  • B. The dealers have assured they are able to identify long-standing regular clients that are typically collectors and customers for occasional transactions.
  • C. Deletion of transaction records for completed occasional transactions is operationally an efficient practice.
  • D. Although the evidence of enhanced due diligence performed was not available audit was satisfied that the risk of higher risk clients has been appropriately mitigated.

Answer: A

Explanation:
Executive Summary Requirements:
* The statement focuses on clear, evidence-based findings, critical for reflecting material deficiencies in enhanced due diligence (EDD) for high-risk clients.
Guidelines for Reporting:
* FATF emphasizes the consistent application of risk rating systems to ensure ML/TF risks are adequately mitigated.


NEW QUESTION # 57
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

  • A. Information that will be required
  • B. Users of the external report
  • C. Type of risk assessment needed
  • D. Type of reporting format
  • E. Purpose of the review
  • F. Budget available for the review

Answer: B,C,E

Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.


NEW QUESTION # 58
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