ADVANCED-CAMS-AUDIT VALID STUDY PLAN - ADVANCED-CAMS-AUDIT EXAM BLUEPRINT

Advanced-CAMS-Audit Valid Study Plan - Advanced-CAMS-Audit Exam Blueprint

Advanced-CAMS-Audit Valid Study Plan - Advanced-CAMS-Audit Exam Blueprint

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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
  • 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 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
  • 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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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q55-Q60):

NEW QUESTION # 55
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

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

Answer: B,D

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 # 56
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

  • A. regulatory requirements.
  • B. scope.
  • C. internal controls.
  • D. policy.

Answer: A

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.


NEW QUESTION # 57
Findings from a financial institution's (Fl's) regulatory examination suggest that several unidentified risks pose a serious threat. The Fl identifies the risks and implements a set of controls to mitigate those risks.
Which type of risk considers the controls' effectiveness?

  • A. Inherent
  • B. Aggregate
  • C. Residual
  • D. Consolidated

Answer: C

Explanation:
Definition of Residual Risk:
* Residual risk is the risk that remains after controls are implemented to mitigate inherent risks.
* It reflects the effectiveness of controls and highlights areas requiring further attention.
Relevance in Risk Management:
* Evaluating residual risk helps determine whether existing controls adequately address the identified risks.
CAMS-Audit Best Practices:
* Auditors must assess residual risk as part of the broader risk management framework to ensure regulatory compliance and operational resilience.


NEW QUESTION # 58
When reviewing an AML policy, an auditor should expect to find that the policy.

  • A. is aligned with investment strategy.
  • B. has been approved by regulators.
  • C. contains items related to staff training.
  • D. was reviewed and approved by the money laundering reporting officer.

Answer: C

Explanation:
AML Policy Expectations:
* Staff training is a fundamental component of an effective AML program. FATF Recommendations and Basel Committee guidelines require AML policies to address staff training to ensure compliance with AML/CFT laws


NEW QUESTION # 59
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

  • A. Controls
  • B. Reporting
  • C. Risks
  • D. Procedures

Answer: A

Explanation:
Audits are primarily designed to evaluate the adequacy and effectiveness of controls within a risk management framework. This includes assessing whether the controls are properly designed and functioning to mitigate identified risks effectively.
CAMS-Audit guidance highlights the critical role of controls in ensuring compliance with AML/CFT regulations and managing operational risks.


NEW QUESTION # 60
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