EFFECTIVE ADVANCED-CAMS-AUDIT EXAM QUESTIONS: STUDY WITH 2PASS4SURE FOR GUARANTEED SUCCESS

Effective Advanced-CAMS-Audit Exam Questions: Study with 2Pass4sure for Guaranteed Success

Effective Advanced-CAMS-Audit Exam Questions: Study with 2Pass4sure for Guaranteed Success

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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
  • 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 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
  • 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 (Q17-Q22):

NEW QUESTION # 17
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

  • A. Discuss with the senior manager to establish the risk appetite.
  • B. Accept the risk conclusions provided by the senior manager.
  • C. Issue a finding that requires the completion of a business-level risk assessment.
  • D. Test the accuracy of the mathematical aggregation of the risk assessments.

Answer: C

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.


NEW QUESTION # 18
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

  • A. Previous correspondent banking relationships
  • B. Clients of the institution for more than 10 years
  • C. Client base stability
  • D. AML corporate governance
  • E. Recent audit findings

Answer: D,E

Explanation:
Recent Audit Findings:
* Reviewing past findings ensures the institution has addressed previous deficiencies and allows the auditor to assess the effectiveness of implemented corrective actions.
AML Corporate Governance:
* Corporate governance is a critical component of AML compliance, involving oversight structures, policies, and accountability mechanisms to prevent money laundering risks.
Alignment with CAMS-Audit Principles:
* Advanced CAMS-Audit emphasizes evaluating governance structures and learning from recent audits to maintain robust AML controls.


NEW QUESTION # 19
When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

  • A. Commission an external investigator to perform enhanced due diligence on the buyer.
  • B. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
  • C. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
  • D. Perform enhanced due diligence on the seller and buyer and update client records with findings

Answer: D

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.


NEW QUESTION # 20
Which KYC-related finding poses the most risk to the organization?

  • A. KYC processes not being integrated into the business and associated application systems
  • B. KYC requirements being considered a low priority not designed into business processes and implemented after product launch
  • C. Sanctions fists that are updated on a periodic basis following an annual risk assessment
  • D. Backlogs and delays in maintaining client files in accordance with the organization's policy

Answer: B

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 # 21
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 # 22
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