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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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

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 (Q34-Q39):

NEW QUESTION # 34
When evaluating an AML training program tor CFT functions the auditor should verify that:

A. attendees have completed post-course surveys.
B. ethics training has been delivered to senior management.
C. tailored training has been provided to AML and CFT staff.
D. interns and third parties are not included.

Answer: C

Explanation:
These answers are aligned with best practices and principles outlined in FATF recommendations and the context of AML/CFT risk management and training standards. If further detailed references are required, feel free to ask!

NEW QUESTION # 35
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

A. Historical transaction data of the customer s account.
B. Board approval for the suspicious activity report filing by the compliance department.
C. Adverse news search results against the customers and its controlling persons.
D. Independent review by the compliance officer's line manager.
E. Policies and procedures relating to AML investigations and suspicious activity report filing.

Answer: A,C

Explanation:
Adverse news provides context on potential risks associated with the customer, while historical transaction data is critical for understanding patterns that may indicate suspicious activity.

NEW QUESTION # 36
The company has automated the completion of the customer risk assessment (CRA) into its main customer relationship management (CRM) system The CRM has needs recording the overall risk level assessed (Standard. Enhanced), the ID number of the staff member who completed the assessment, and me date of the last assessment Which additional fields should the auditor recommend to document the CRA process? (Select Three.)

A. Type of customer (Trust. Company Individual)
B. Photo ID taken (Passport Driver's License. Other)
C. Residence (Country)
D. Risk factors (Y/N. if Y please specify)
E. Annual premium (S)
F. Age (Years)

Answer: A,C,D

Explanation:
Enhancements to the CRA Process:
* Risk Factors:Identify and document specific risk indicators for transparency and consistent assessment. This ensures alignment with the risk-based approach advocated by FATF.
* Type of Customer:Differentiating customer types (trust, company, individual) is critical for tailoring due diligence measures to the unique risks associated with each type.
* Residence (Country):Tracking customer jurisdiction ensures risk assessments reflect geopolitical and regulatory changes, fulfilling FATF compliance expectations.
Role of Additional Fields in Compliance:
* These fields enhance traceability, accountability, and risk profiling, ensuring the CRA process is comprehensive and meets regulatory standards.
Advanced CAMS-Audit Guidance:
* Documentation must be detailed and periodically reviewed to address evolving AML risks effectively, as recommended by CAMS-Audit guidelines.

NEW QUESTION # 37
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?

A. A report from the AML system showing the import of transactional data
B. The FI's AML risk assessment
C. A document from the vendor confirming the data integrity of the AML system's software
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 # 38
Which finding must be first remediated in order to understand is risks the organization is exposed to?

A. Finding 3
B. Finding 1
C. Finding 5
D. Finding 8

Answer: B

Explanation:
Finding 1
* This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.
* According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels.
Critical Role in Understanding Risks
* Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.
Alignment with Regulatory Requirements
* FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks.

NEW QUESTION # 39
......

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