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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers.What would an auditorreview to assess whether this risk has been addressed?

A. Draft policies and procedures for the FI's privately-owned ATM customers.
B. Request data on the volume and value of transactions through the privately-owned ATM customers.
C. Review the current risk assessment to determine the existence of privately-owned ATM customers.
D. Prepare to audit a sample of the FI's privately-owned ATM customers.

Answer: C

Explanation:
Reviewing the Risk Assessment:
* A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in terms of potential AML risks.
Auditor's Task:
* Confirm that specific policies and procedures are now in place to address identified risks from the previous assessment.
Relevance to CAMS-Audit Standards:
* Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas like privately-owned ATMs.

NEW QUESTION # 58
A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

A. Operating
B. Design
C. Software
D. Program

Answer: A

Explanation:
Testing Operating Effectiveness:
* Operating effectiveness testing evaluates whether controls and systems are functioning as intended on a daily basis, including the accuracy and reliability of automated validation processes.
Relevance to Data Validation:
* The auditor's role in this scenario ensures that the data flowing into the monitoring software is accurate and aligned with operational requirements, reflecting day-to-day effectiveness.
CAMS-Audit Emphasis:
* The emphasis on ongoing operational validation is consistent with Advanced CAMS-Audit practices, which stress continuous monitoring of AML system effectiveness.

NEW QUESTION # 59
The mam characteristics of an AML program testing are:

A. remedial and interdependent.
B. innovative and evaluative.
C. standard and focused.
D. tailored and risk-based.

Answer: D

Explanation:
Characteristics of Effective AML Program Testing:
* Tailored:Custom-designed to address specific organizational risks.
* Risk-Based:Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
* Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the most significant threats.

NEW QUESTION # 60
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

A. Data quality and mapping
B. False positive ratio
C. Robustness of feedback relating to submitted suspicious activity reports
D. Complexity of monitoring scenarios
E. Scenario altering techniques

Answer: A,B

Explanation:
Transaction Monitoring Effectiveness:
* A. Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
* D. False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

NEW QUESTION # 61
The auditor identifies that the bank has launched trade finance services this year.When rating the various themes of the risk mitigants, which are expected to be impacted by the launchof these services? (Select Three.)

A. M4.2
B. M2.1
C. M1.1
D. M5.2
E. M1.2
F. M3.2

Answer: A,B,C

Explanation:
* M1.1 - Risk Identification and AssessmentTrade finance introduces new types of risks such as exposure to cross-bordertransactions, multiple parties, and complex financial instruments. These elements necessitate a reassessment of existing risk frameworks to identify new vulnerabilities, including trade-based money laundering (TBML). As detailed in the CAMS-Audit guidance, financial institutions must periodically update their risk assessments to reflect changes in products and services.
* M2.1 - Enhanced Due Diligence (EDD) on High-Risk CustomersTrade finance clients often involve politically exposed persons (PEPs), entities in high-risk jurisdictions, or complex supply chains.
According to FATF Recommendation 10 and CAMS standards, banks must enhance customer due diligence measures, including obtaining additional information on the customer's source of funds, beneficial ownership, and the nature of the business.
* M4.2 - Transaction Monitoring SystemsThe complexity of trade finance transactions requires robust monitoring systems capable of identifying unusual patterns indicative of money laundering or terrorist financing. These systems must be calibrated to flag discrepancies in trade documentation, over- or under-invoicing, and deviations from expected trade flows, as emphasized in the FATF Recommendations and CAMS-Audit references.
References from Advanced CAMS-Audit Documents:
* AML/CFT-document references specify the need for updated risk assessments and transaction monitoring systems aligned with international AML standards for new services.
* FATF Recommendations provide a framework for enhanced due diligence and risk-based approaches for trade finance.

NEW QUESTION # 62
......

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Advanced-CAMS-Audit Latest Test Sample & Advanced-CAMS-Audit Exam Guide Materials

Advanced-CAMS-Audit Exam Guide Materials - Advanced-CAMS-Audit Exam Certification Cost

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q57-Q62):

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