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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic
Details

Topic 1

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 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

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 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 (Q18-Q23):

NEW QUESTION # 18
Which should be incorporated into an AML compliance policy? (Select Three.)

A. Credit risk assessment
B. Cryptocurrency threat assessment
C. Mandatory training requirements
D. Suspicious activity reporting
E. Documentation record keeping
F. Financial results reporting

Answer: C,D,E

Explanation:
AML Compliance Policy Elements:
* A. Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
* B. Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
* E. Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

NEW QUESTION # 19
When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases.After interviewing developers andofficers,the auditor learns the specification document is inaccurate and has not been updated in a timely manner.Which are appropriate corrective action plans'? (Select Two.)

A. Set up a checkpoint before release to make sure that the release is in accordance with the specifications.
B. Alert the person incharge of releasing the model that me release must comply with the specifications.
C. Report this matter to the board of directors.
D. Tram KYC personnel to recognize errors in the customer risk rating model.
E. Check periodically if released rules are operating as per the specifications.

Answer: A,E

Explanation:
B: Periodic Checks: Regular monitoring ensures that implemented rules align with updated specifications and are functioning as intended, reducing the risk of deviation from compliance standardsints Before Release**:
Establishing validation checkpoints ensures that all releases comply with documented specifications, mitigating risks of errors in the risk rating model

NEW QUESTION # 20
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

A. Staffing levels on the AML team
B. Changes in board members
C. Business reporting lines
D. Interaction with internal audit

Answer: A

Explanation:
Key Assessment Factors for AML Structure Changes:
* Staffing levels ensure the AML department has adequate resources to meet its obligations, especially in light of new responsibilities or organizational changes.
Irrelevant Options:
* A:Interaction with internal audit is important but not directly tied to structural changes.
* C:Changes in board members are governance-related, not operational AML concerns.
* D:Reporting lines are relevant but secondary to resource adequacy.

NEW QUESTION # 21
The scoping and planning process of an AML audit of a bank is best guided by review of which document?

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

Answer: D

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 # 22
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. Comparison against past suspicious activity reported
B. A copy of the FI's AML risk assessment
C. Proof of validation from the TM software provider
D. Above-the-line and below-the-line testing
E. Length of time the FI has deployed the software program

Answer: A,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 # 23
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