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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	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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q57-Q62):

NEW QUESTION # 57
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. Management action plan for remediating audit findings
C. List of politically exposed persons
D. Internal controls including policies and procedures
E. Log of law enforcement requests

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 # 58
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

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

Answer: A,B

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 # 59
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. Aggregate
B. Residual
C. Consolidated
D. Inherent

Answer: B

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 # 60
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

A. The major business activities of the respondent bank.
B. The jurisdiction in which the respondent bank is located.
C. The purpose of the services provided to the respondent bank.
D. The management and ownership of the respondent bank.

Answer: B

Explanation:
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML
/CFT controls, high corruption levels, or sanctions.

NEW QUESTION # 61
Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

A. Target completion date and status update on remedial action
B. Available resources and board of directors' commitment
C. Responsible action owner and internal audit commitment to follow up
D. Reporting the breach and the regulatory response

Answer: A

Explanation:
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.

NEW QUESTION # 62
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TEST ADVANCED-CAMS-AUDIT VALID | NEW ADVANCED-CAMS-AUDIT TEST PREP

Test Advanced-CAMS-Audit Valid | New Advanced-CAMS-Audit Test Prep