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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 4

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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q67-Q72):

NEW QUESTION # 67
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. A document from the vendor confirming the data integrity of the AML system's software
B. A report from the AML system showing the import of transactional data
C. The FI's AML risk assessment
D. An end-to-end diagram that depicts core elements such as source systems and data flows

Answer: D

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 # 68
During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?

A. Carry out further investigation of this alert.
B. Increase the sample size.
C. Document the conclusion within the audit work papers.
D. Consult with the compliance officer.

Answer: C

Explanation:
Rationale for Documenting Conclusions:
* Documenting findings ensures transparency and provides an audit trail. This is critical when the incident is consistent with provided evidence and no further investigation is warranted.
Audit Work Paper Standards:
* CAMS-Audit recommends that all conclusions be adequately documented, especially when deviations from normal patterns are justified with valid explanations.

NEW QUESTION # 69
Which does a financial institution (FI) need to do when outsourcing an independent audit?

A. Investigate whether the audit firm has conducted prior audits with the Fl.
B. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.
C. Choose an audit firm based on price consideration and geographic location.
D. Select an audit firm based on recommendations from the AMI compliance officer.

Answer: B

Explanation:
Selecting an Audit Firm:
* The scope and expertise of the audit firm must align with the institution's risk profile and regulatory requirements to ensure the audit's effectiveness.
Best Practices in Outsourced Audits:
* Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and minimizes operational risks.
CAMS-Audit Guidance:
* Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting experienced auditors for outsourced engagements.

NEW QUESTION # 70
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

A. The jurisdiction in which the respondent bank is located.
B. The major business activities of the respondent bank.
C. The management and ownership of the respondent bank.
D. The purpose of the services provided to the respondent bank.

Answer: A

Explanation:
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML
/CFT controls, high corruption levels, or sanctions.

NEW QUESTION # 71
What is the role of the internal audit in the governance process?

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

Answer: B

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 # 72
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