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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

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 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 (Q71-Q76):

NEW QUESTION # 71
During the auditing process the auditor finds that the entity never updates the customers risk assessment.
Which remediation actions should the auditor suggest? (Select Two.)

A. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
B. Audit designates an audit manager to review customer profiles annually.
C. Management engages an independent third party to update all the customer risk profiles.
D. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
E. The business updates the customer risk profiles periodically in accordance with the customer risk level.

Answer: A,E

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

NEW QUESTION # 72
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

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

Answer: C,D

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 # 73
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. include an assessment of jurisdiction where the customer currently resides as this may have changed.
C. allow for sales oy third patties other than advisors since most of the customers are local residents.
D. be updated more often given the risk of the entity.

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 # 74
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.
B. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
C. Confirm with client onboarding teams whether or not high-risk customers exist.
D. Ask the account officers whether the CDD and KYC information provided is correct.
E. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

Answer: A,B

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 75
When evaluating an AML training program tor CFT functions the auditor should verify that:

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

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 # 76
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