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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	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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q69-Q74):

NEW QUESTION # 69
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

A. policy.
B. scope.
C. internal controls.
D. regulatory requirements.

Answer: D

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.

NEW QUESTION # 70
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.
B. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.
C. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.
D. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.

Answer: D

Explanation:
Recommended Action:
* Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
* Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

NEW QUESTION # 71
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

A. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
B. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
C. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.
D. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
E. Risk appetite statements should remain stable and consistent, even in changing business conditions.

Answer: A,D

NEW QUESTION # 72
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. be updated more often given the risk of the entity.
B. include an assessment of jurisdiction where the customer currently resides as this may have changed.
C. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: B

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 # 73
Which should be incorporated into an AML compliance policy? (Select Three.)

A. Credit risk assessment
B. Cryptocurrency threat assessment
C. Suspicious activity reporting
D. Financial results reporting
E. Documentation record keeping
F. Mandatory training requirements

Answer: C,E,F

Explanation:
AML Compliance Policy Elements:
* A. Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
* B. Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
* E. Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

NEW QUESTION # 74
......

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From Exam Advanced-CAMS-Audit Online to Advanced CAMS-Audit Certification Exam, Convenient to Pass

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Exam Advanced-CAMS-Audit Online: Advanced CAMS-Audit Certification Exam - Exam4Tests Trustable Planform

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q69-Q74):

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