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Mock Advanced-CAMS-Audit Exams | Advanced-CAMS-Audit Cert

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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.

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

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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q87-Q92):

NEW QUESTION # 87
During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

A. Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.
B. Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.
C. Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.
D. Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.

Answer: B

Explanation:
Steps to Assess the External Review Report:
* Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
* Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
* Relying solely on external reviews without validation risks overlooking key compliance deficiencies.
Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
* CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities

NEW QUESTION # 88
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The finding is on a different audit topic than the KYC related findings.
B. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
C. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
D. The organization might have reported a sanction breach that is not a current sanction violation.

Answer: C

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 89
An auditor should verify that an institution has ensured its AML systems and controls include:

A. daily reports by the institution's money laundering reporting officer on the operation and effectiveness of those systems and controls.
B. supporting documents of its risk management policies and risk profile in relation to money laundering.
C. training for senior management and the governing body only.
D. measures to ensure that money laundering risk is taken into account in its monthly operations.

Answer: B

Explanation:
Core Components of AML Systems and Controls:
* Supporting documentation ensures alignment with regulatory expectations and helps auditors verify that the institution's policies and controls reflect its assessed risks.
Other Options:
* B:Monthly operations are operational concerns, not control documentation.
* C:Daily reports are excessive for governance purposes.
* D:Training must include all staff, not only senior management.

NEW QUESTION # 90
Which is considered a minimum requirement in a customer identification program?

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

Answer: D

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 # 91
Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment?
(Select Two.)

A. Overall customer volume
B. Office of Foreign Assets Control filtering
C. Liquidity risk
D. Product risk
E. Customer 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 # 92
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