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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	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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q81-Q86):

NEW QUESTION # 81
What is the role of the internal audit in the governance process?

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

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 # 82
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

A. False positive ratio
B. Complexity of monitoring scenarios
C. Data quality and mapping
D. Robustness of feedback relating to submitted suspicious activity reports
E. Scenario altering techniques

Answer: A,C

Explanation:
Transaction Monitoring Effectiveness:
* A. Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
* D. False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

NEW QUESTION # 83
Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

A. Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.
B. Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.
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 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.

Answer: D

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 # 84
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

A. A document prepared to identify the inherent risk associated with a bank's products and services
B. Report of independent audit conducted the previous year
C. Independent model validation and testing report of the bank's transaction surveillance systems
D. Information technology security risk assessment of the bank's COD risk rating solution

Answer: A

Explanation:
* Identifying inherent risks linked to the bank's products and services is critical to tailor the audit scope and address high-risk areas comprehensively.

NEW QUESTION # 85
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

A. Previous correspondent banking relationships
B. Clients of the institution for more than 10 years
C. Client base stability
D. Recent audit findings
E. AML corporate governance

Answer: D,E

Explanation:
Recent Audit Findings:
* Reviewing past findings ensures the institution has addressed previous deficiencies and allows the auditor to assess the effectiveness of implemented corrective actions.
AML Corporate Governance:
* Corporate governance is a critical component of AML compliance, involving oversight structures, policies, and accountability mechanisms to prevent money laundering risks.
Alignment with CAMS-Audit Principles:
* Advanced CAMS-Audit emphasizes evaluating governance structures and learning from recent audits to maintain robust AML controls.

NEW QUESTION # 86
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