RELIABLE ADVANCED-CAMS-AUDIT STUDY MATERIALS & ADVANCED-CAMS-AUDIT VALID MOCK EXAM

Reliable Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Valid Mock Exam

Reliable Advanced-CAMS-Audit Study Materials & Advanced-CAMS-Audit Valid Mock Exam

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

TopicDetails
Topic 1
  • 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 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
  • 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 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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Advanced-CAMS-Audit Exam Questions - Advanced CAMS-Audit Certification Exam Torrent Prep & Advanced-CAMS-Audit Test Guide

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q76-Q81):

NEW QUESTION # 76
Which circumstance would impair an auditor's independence and objectivity?

  • A. Attending internal meetings where key risk indicators are discussed
  • B. Presenting at a local audit industry event where best practices are discussed
  • C. Donating funds to a local chanty which relates to the organization being audited
  • D. Working with staff to design and implement key controls

Answer: D

Explanation:
Impairment of Independence and Objectivity:
* Auditors must remain independent and objective. Direct involvement in designing and implementing controls creates a conflict of interest.
Guidelines from CAMS-Audit:
* CAMS-Audit emphasizes that auditors should limit their role to evaluating controls and avoid involvement in operational tasks.
Standards of Professional Conduct:
* Independence is a cornerstone of effective auditing, ensuring unbiased findings and recommendations.


NEW QUESTION # 77
Suspicious activity report testing in the last three audits did not identify any metrics to indicate that volume vanes dramatically each month. Which step should the auditor take next?

  • A. Assign to continuous monitoring.
  • B. Review within the IT audit.
  • C. Escalate the finding regarding the lack of metrics to the board of directors.
  • D. Include the lack of metrics as a deficiency in the reporting.

Answer: D

Explanation:
Deficiency in Reporting Metrics:
* AML compliance frameworks require metrics to track trends and unusual patterns in suspicious activity reports (SARs). A lack of such metrics is a deficiency that undermines monitoring and oversight.
Why This is the Appropriate Step:
* Identifying and documenting deficiencies ensures accountability and facilitates corrective action, aligning with AML audit standards.


NEW QUESTION # 78
During a sanction review, an auditor notes that several of the bank's large corporate clients continue to route transactions through the bank to certain Office of Foreign AssetsControl (OFAC)-sanctioned countries.The head of corporate clients stated that these transactions were executed under the OFAC license.What should an auditor know to distinguish between an OFAC general license and a specific license?

  • A. A general license authorizes a type of transaction and a specific license authorizes a transaction in response to a written license application.
  • B. A general license authorizes a transaction for an entity and a specific license authorizes a transaction for an individual.
  • C. A specific license authorizes a type of transaction and a general license authorizes a transaction in response to a written license application.
  • D. A specific license authorizes a transaction for an entity and a general license authorizes a transaction for an individual.

Answer: A

Explanation:
Distinguishing General and Specific Licenses:
* Ageneral licensepermits predefined categories of transactions without individual approval.
* Aspecific licenseis issued for unique transactions based on a written application evaluated on a case-by- case basis.
OFAC Guidance:
* Auditors should verify that transactions routed through sanctioned countries align with the licenses and confirm appropriate documentation for compliance.


NEW QUESTION # 79
Which task should an auditor complete first when preparing to audit the client risk scoring methodology?

  • A. Review a list of high-risk customers provided by compliance.
  • B. Review the financial institution's AML risk assessment to understand the institution's client base.
  • C. Discuss the client risk scoring process with the head of AML.
  • D. Query the completeness of the customer data to be provided.

Answer: B

Explanation:
Understanding Client Risk Scoring Methodology:
* Reviewing the AML risk assessment offers a comprehensive view of the institution's client base, risk appetite, and segmentation strategies.
Preparation Steps:
* Assessing the AML risk assessment ensures that auditors understand the institution's framework for categorizing and managing client risks.
Importance in CAMS-Audit Framework:
* CAMS-Audit highlights the necessity of linking client risk scoring to the broader institutional AML risk assessment.


NEW QUESTION # 80
Which best explains why the auditor rates the audit finding on sanction screening severity high?

  • A. The finding is on a different audit topic than the KYC related findings.
  • B. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
  • C. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
  • D. The organization might have reported a sanction breach that is not a current sanction violation.

Answer: C

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.


NEW QUESTION # 81
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