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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

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

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

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 (Q66-Q71):

NEW QUESTION # 66
Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

A. Money laundering risk assessment
B. List of politically exposed persons
C. Log of law enforcement requests
D. Internal controls including policies and procedures
E. Management action plan for remediating audit findings

Answer: A,D

Explanation:
Importance of Risk Assessment and Controls:
* A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts.
* Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements.
Irrelevant Options:
* C:A management action plan is remedial, not preventive.
* D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
* E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.

NEW QUESTION # 67
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

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

Answer: D,E

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 # 68
Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

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

Answer: B

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 # 69
A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds'? (Select Two.)

A. Proof of validation from the TM software provider
B. Above-the-line and below-the-line testing
C. Length of time the FI has deployed the software program
D. Comparison against past suspicious activity reported
E. A copy of the FI's AML risk assessment

Answer: B,D

Explanation:
Comparison Against Past Suspicious Activity Reported:
* This evaluates whether the new thresholds are identifying similar or improved patterns of suspicious activity compared to prior thresholds.
* Helps validate that the updated thresholds align with the institution's AML risk profile and regulatory expectations.
Above-the-Line and Below-the-Line Testing:
* Above-the-line tests verify that alerts generated by the thresholds include expected suspicious transactions.
* Below-the-line tests assess transactions below the threshold to ensure no significant suspicious activities are missed.
CAMS-Audit Reference:
* Advanced CAMS-Audit frameworks emphasize the importance of both historical comparison and robust testing methodologies to validate transaction monitoring system updates.

NEW QUESTION # 70
What is the role of the internal audit in the governance process?

A. Execute the corrective action plan.
B. Perform quality assurance testing of transaction monitoring.
C. Periodically evaluate the effectiveness of processes and controls.
D. Monitor the risks of noncompliance with applicable laws and regulations.

Answer: C

Explanation:
Role of Internal Audit:
* Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
* Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
* Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.

NEW QUESTION # 71
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