EXAM ADVANCED-CAMS-AUDIT MATERIAL & RELIABLE ADVANCED-CAMS-AUDIT TEST TOPICS

Exam Advanced-CAMS-Audit Material & Reliable Advanced-CAMS-Audit Test Topics

Exam Advanced-CAMS-Audit Material & Reliable Advanced-CAMS-Audit Test Topics

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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 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
  • 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.

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q31-Q36):

NEW QUESTION # 31
Which is a true statement about the computer-assisted audit tool (CAAT)?

  • A. CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures thatcould replace the requirement for the auditor's own procedures.
  • B. Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.
  • C. KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.
  • D. Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.

Answer: B

Explanation:
Capabilities of CAAT:
* CAAT provides comprehensive data access, allowing auditors to review all customer data over extended periods, unlike traditional methods that rely on sampling.
Irrelevant Options:
* A:Limited samples are more typical of traditional methods.
* B:Data incorporated in the warehouse should not be changeable as it would undermine audit integrity.
* D:CAAT can be customized for specific audit needs.


NEW QUESTION # 32
Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

  • A. Finding 3
  • B. Finding 4
  • C. Finding 5
  • D. Finding 6
  • E. Finding 1
  • F. Finding 8

Answer: B,E,F

Explanation:
Finding 1
* This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
* CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
* This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
* Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
* Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
* CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.


NEW QUESTION # 33
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

  • A. Non-US citizens residing in the US
  • B. Non-US entities having branches outside the US
  • C. US citizens residing outside the
  • D. US entities having branches outside the US

Answer: A

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.


NEW QUESTION # 34
An auditor should present exceptions identified during testing to the auditee after.

  • A. analysis of likelihood and impact.
  • B. performance of additional testing.
  • C. final audit report issuance
  • D. preliminary observation of exceptions.

Answer: A

Explanation:
Presentation of Exceptions:
* Auditors must analyze the exceptions based on their likelihood of occurrence and potential impact on compliance and operational risks before presenting findings to the auditee.
Supporting Standards:
* Basel and FATF emphasize prioritizing findings based on their materiality and risk implications during the audit process.


NEW QUESTION # 35
Which should be incorporated into an AML compliance policy? (Select Three.)

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

Answer: B,C,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 # 36
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