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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

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

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q25-Q30):

NEW QUESTION # 25
Which action would an auditor take to evaluate design effectiveness?

A. Check whether the policies and procedures are consistent with the authorities' regulations.
B. Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.
C. Confirm that alerts in transaction monitoring have been properly escalated or waived.
D. Confirm that customer records are being kept in accordance with policies and procedures.

Answer: A

Explanation:
* Explanation:Evaluating design effectiveness involves determining whether policies and procedures align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is a design-level assessment rather than testing implementation or outcomes, which would pertain to operational effectiveness.

NEW QUESTION # 26
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:

A. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
B. be updated more often given the risk of the entity.
C. include an assessment of jurisdiction where the customer currently resides as this may have changed.
D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: C

Explanation:
Dynamic Nature of Customer Risk Assessment (CRA):
* A comprehensive CRA should incorporate jurisdictional risks, as customer location changes could introduce new risks, such as exposure to high-risk or non-compliant jurisdictions.
FATF Recommendations on Risk-Based Approach:
* Periodic updates to the CRA, including changes in customer location, align with FATF's risk-based approach and Recommendation 10.
Audit Observation Implications:
* Omission of jurisdictional assessments could result in undetected risks, undermining the integrity of the AML program.

NEW QUESTION # 27
During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

A. File a suspicious activity report as the previous riskrating was not correct.
B. Designate the account as a PEP-account.
C. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
D. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
E. Review and document the details of the customer s asset-holding arrangement.
F. Review the customer risk profile every two years as with any other customers.

Answer: B,C,E

Explanation:
C:Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D:Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E:Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.

NEW QUESTION # 28
What factors are considered tor conducting an external audit and assurance review? (Select Three.)

A. Users of the external report
B. Purpose of the review
C. Information that will be required
D. Type of reporting format
E. Budget available for the review
F. Type of risk assessment needed

Answer: A,B,F

Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.

NEW QUESTION # 29
Which key elements of testing methodology should be documented? (Select Three.)

A. Elements contributing to the inherent risk of the organization
B. Relevant testing techniques subject to the nature and size of the test population
C. Documentation requirements of test results supporting the conclusion
D. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
E. Sampling method applied to select an appropriate sample size
F. Planned expansion or changes in the business profile of the organization

Answer: C,D,E

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 30
......

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