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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 (Q13-Q18):

NEW QUESTION # 13
An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

A. Request a list of high-risk clients onboarded from management.
B. Review the CDD onboarding policies and procedures to determine the criteria for selection.
C. Initially sample 10% of new clients onboarded.
D. Evaluate quality assurance processes tor onboarding new clients.

Answer: B

Explanation:
First Steps for Sampling:
* Reviewing onboarding policies ensures the sampling aligns with established risk criteria, improving the relevance and accuracy of the audit findings.
Regulatory Emphasis:
* FATF guidance stresses aligning audit sampling with organizational risk assessments and onboarding standards.

NEW QUESTION # 14
What conclusion should the auditor make regarding AML training for outsourced AML providers?

A. The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.
B. The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank's staff is appropriate.
C. The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.
D. The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.

Answer: B

Explanation:
Outsourced Training Oversight Requirements:
* CAMS-Audit emphasizes that institutions must ensure outsourced providers deliver training aligned with internal policies and regulatory standards.
Control Mechanisms for Outsourced AML Providers:
* The bank must have controls in place to:
* Review the content of training sessions.
* Validate trainer qualifications.
* Assess the effectiveness of training through feedback or testing.
Deficiencies in the Current Approach:
* Failure to implement verification mechanisms for outsourced training compromises the consistency and quality of the AML education program.
Regulatory Requirements:
* FATF and Basel guidelines mandate oversight of third-party service providers, especially for critical functions like AML compliance training.

NEW QUESTION # 15
Which KYC-related finding poses the most risk to the organization?

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

Answer: A

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 # 16
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Additional remediation is identified and planned.
B. Findings ate clearly written and facts are accurate
C. Compliance Identifies and schedules pre-exam validation as appropriate.
D. Findings ate explained and assigned to the accountable owners.
E. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.

Answer: B,D

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 17
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?

A. Testing resiliency of proposed recommendations
B. Providing audit documentation of management responses
C. Tracking completion of proposed recommendations
D. Documenting audit team validation testing

Answer: C

Explanation:
Purpose of the Document:
* This document is a management tool to ensure accountability and monitor the progress of resolving outstanding audit findings.
Audit Committee's Role:
* The document facilitates oversight by the audit committee, ensuring timely and effective resolution of recommendations.
CAMS-Audit Recommendations:
* Proper tracking mechanisms are emphasized to align audit processes with institutional and regulatory expectations.

NEW QUESTION # 18
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