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Advanced-CAMS-Audit Exam Overviews & Exam Advanced-CAMS-Audit Course

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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

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 3

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 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 (Q74-Q79):

NEW QUESTION # 74
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. Responsible action owner and internal audit commitment to follow up
B. Reporting the breach and the regulatory response
C. Target completion date and status update on remedial action
D. Available resources and board of directors' commitment

Answer: C

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 # 75
While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

A. To defraud shipping companies
B. To move funds or value across national borders
C. To disguise dual-use goods
D. To trade prohibited goods

Answer: B

Explanation:
Reason for Overvaluation/Undervaluation:
* This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions.
Auditor's Responsibility:
* Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering.
CAMS-Audit Insight:
* Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.

NEW QUESTION # 76
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

A. Query the completeness of the customer data to be provided.
B. Review the financial institution's AML risk assessment to understand the institution's client base.
C. Discuss the client risk scoring process with the head of AML.
D. Review a list of high-risk customers provided by compliance.

Answer: B

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.

NEW QUESTION # 77
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

A. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.
B. Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.
C. Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.
D. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.

Answer: B

Explanation:
Importance of AML Training for All Levels of an Institution:
* Advanced CAMS-Audit and FATF emphasize that AML training programs should be inclusive of all stakeholders, including senior management and board members, as they are integral to establishing an effective AML/CFT compliance culture.
Board-Level Training Specifics:
* Directors require tailored AML training to address strategic oversight responsibilities rather than operational controls. Periodic training is mandatory to keep the board updated on regulatory changes and institutional risk profile adjustments.
Audit Observation:
* Exclusion of the board from AML training reflects a gap in the institution's AML framework, potentially exposing it to regulatory scrutiny.
Reference to AML/CFT Standards:
* FATF Recommendations mandate training for all levels of an institution, explicitly highlighting senior management and governance roles in compliance efforts.

NEW QUESTION # 78
Which is considered a minimum requirement in a customer identification program?

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

Answer: B

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 # 79
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