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| 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.
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| 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.
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| 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.
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| Topic 4 |
- 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.
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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q51-Q56):
NEW QUESTION # 51
Which should be incorporated into an AML compliance policy? (Select Three.)
- A. Financial results reporting
- B. Documentation record keeping
- C. Cryptocurrency threat assessment
- D. Credit risk assessment
- E. Suspicious activity reporting
- F. Mandatory training requirements
Answer: B,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 # 52
If a final audit communication contains a significant error, the chief audit executive must:
- A. recall the audit report assess the error and resubmit the correct one.
- B. tell those who received the communication of the error and corrections.
- C. reevaluate the item(s) and resubmit findings for discussion on factualaccuracy.
- D. report the error to the local AML regulator.
Answer: A
Explanation:
A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards.
NEW QUESTION # 53
Which recommendation should the audit team provide to address transaction monitoring (TM) issues?
- A. Perform a coverage assessment of the current suite of TM detection scenarios against the bank's money laundering and terrorist financing risks
- B. Apply the same thresholds across all client types to ensure alignment of risk coverage.
- C. Switch off those detection scenarios that are producing too many false positives.
- D. Provide training for first-line staff on how to review and disposition TM alerts.
Answer: A
Explanation:
Importance of Coverage Assessment:
* Coverage assessment ensures that the TM scenarios address the full spectrum of identified money laundering (ML) and terrorist financing (TF) risks relevant to the organization.
* This aligns with FATF Recommendations on risk-based approaches and the effectiveness of transaction monitoring systems.
Key Reference Justification:
* Basel Committee guidelines stress that financial institutions must regularly review their transaction monitoring coverage to ensure alignment with the risk landscape.
NEW QUESTION # 54
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 entities having branches outside the US
- B. Non-US citizens residing in the US
- C. US citizens residing outside the
- D. US entities having branches outside the US
Answer: B
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 # 55
Which KYC-related finding poses the most risk to the organization?
- A. Backlogs and delays in maintaining client files in accordance with the organization's policy
- B. Sanctions fists that are updated on a periodic basis following an annual risk assessment
- C. KYC requirements being considered a low priority not designed into business processes and implemented after product launch
- D. KYC processes not being integrated into the business and associated application systems
Answer: C
Explanation:
KYC integration is fundamental to ensuring that anti-money laundering controls are effective from the outset of client onboarding. Delayed implementation of KYC increases the risk of onboarding high-risk customers without adequate due diligence.
Advanced CAMS-Audit documentation stresses the importance of embedding KYC into business processes during product design and rollout phases to mitigate risks.
Neglecting this requirement can expose the organization to severe regulatory penalties and reputational damage.
NEW QUESTION # 56
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