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Advanced-CAMS-Audit Test Lab Questions, Exam Advanced-CAMS-Audit Questions Pdf

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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

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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q69-Q74):

NEW QUESTION # 69
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 # 70
The auditor reviews the AML compliance program and after a walk-through, determines that AML-related reports to the board could be useful to test the governance and management oversight. The AML reports vary in content and complexity. Which sampling method should the auditor select?

A. Risk-based
B. Statistical
C. Proportional
D. Judgmental

Answer: D

Explanation:
Appropriateness of Judgmental Sampling:
* Judgmental sampling is optimal when variability in report content and complexity necessitates the auditor's discretion to select the most informative samples.
Guideline Support:
* Basel and FATF emphasize auditor judgment in situations requiring qualitative evaluation of governance reports.

NEW QUESTION # 71
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

A. A document prepared to identify the inherent risk associated with a bank's products and services
B. Report of independent audit conducted the previous year
C. Information technology security risk assessment of the bank's COD risk rating solution
D. Independent model validation and testing report of the bank's transaction surveillance systems

Answer: A

Explanation:
* Identifying inherent risks linked to the bank's products and services is critical to tailor the audit scope and address high-risk areas comprehensively.

NEW QUESTION # 72
During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?

A. Consult with the compliance officer.
B. Carry out further investigation of this alert.
C. Increase the sample size.
D. Document the conclusion within the audit work papers.

Answer: D

Explanation:
Rationale for Documenting Conclusions:
* Documenting findings ensures transparency and provides an audit trail. This is critical when the incident is consistent with provided evidence and no further investigation is warranted.
Audit Work Paper Standards:
* CAMS-Audit recommends that all conclusions be adequately documented, especially when deviations from normal patterns are justified with valid explanations.

NEW QUESTION # 73
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task.
The audit item discussion between the auditor and the operational manager is a(n):

A. internal control test.
B. root cause analysis
C. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
D. sustainability assessment.

Answer: B

Explanation:
Nature of Discussion:
* Root cause analysis is required to identify underlying reasons for the failure to perform the control, particularly resource constraints.
Key Compliance Justification:
* Addressing the root cause aligns with Basel Committee guidelines on improving control environments and addressing systemic issues in AML compliance.

NEW QUESTION # 74
......

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