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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.

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ACAMS Advanced-CAMS-Audit Valid Mock Exam | Advanced-CAMS-Audit Exam Actual Tests

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q45-Q50):

NEW QUESTION # 45
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

A. Names of politically exposed persons that are subject to ongoing monitoring
B. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
C. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
D. List of suspicious transactions reported to the regulator

Answer: B

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.

NEW QUESTION # 46
When reviewing an AML policy, an auditor should expect to find that the policy.

A. has been approved by regulators.
B. is aligned with investment strategy.
C. was reviewed and approved by the money laundering reporting officer.
D. contains items related to staff training.

Answer: D

Explanation:
AML Policy Expectations:
* Staff training is a fundamental component of an effective AML program. FATF Recommendations and Basel Committee guidelines require AML policies to address staff training to ensure compliance with AML/CFT laws

NEW QUESTION # 47
Which is considered a minimum requirement in a customer identification program?

A. Transaction reporting procedures used to report suspicious transactions to the regulator
B. Transaction monitoring procedures that specify the information that will be retained in each transaction
C. Account opening procedures that specify the information that will be obtained from each customer
D. Customer enhanced due diligence procedures used to identify unusual transactions

Answer: C

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 48
What is the role of the internal audit in the governance process?

A. Monitor the risks of noncompliance with applicable laws and regulations.
B. Perform quality assurance testing of transaction monitoring.
C. Execute the corrective action plan.
D. Periodically evaluate the effectiveness of processes and controls.

Answer: D

Explanation:
Role of Internal Audit:
* Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
* Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
* Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.

NEW QUESTION # 49
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. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
B. Audit designates an audit manager to review customer profiles annually.
C. Management engages an independent third party to update all the customer risk profiles.
D. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
E. The business updates the customer risk profiles periodically in accordance with the customer risk level.

Answer: A,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 # 50
......

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Reliable Advanced-CAMS-Audit Test Questions & Advanced-CAMS-Audit Valid Mock Exam

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced-CAMS-Audit Valid Mock Exam | Advanced-CAMS-Audit Exam Actual Tests

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q45-Q50):

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Paul Ward Paul Ward

Biography

Reliable Advanced-CAMS-Audit Test Questions & Advanced-CAMS-Audit Valid Mock Exam

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced-CAMS-Audit Valid Mock Exam | Advanced-CAMS-Audit Exam Actual Tests

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q45-Q50):

Info For

Questions Bank

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