Advanced-CAMS-Audit Reliable Study Questions - Exam Advanced-CAMS-Audit Cram Review

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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	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 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 (Q87-Q92):

NEW QUESTION # 87
Which should be incorporated into an AML compliance policy? (Select Three.)

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

Answer: B,D,F

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 # 88
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

A. Ask the account officers whether the CDD and KYC information provided is correct.
B. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.
C. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.
D. Confirm with client onboarding teams whether or not high-risk customers exist.
E. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.

Answer: C,E

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 89
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. Consolidated
B. Residual
C. Aggregate
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 # 90
What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

A. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
B. The overall volume of cash deposit reporting for the quarter
C. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
D. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
E. Testing of the customer's identifying information using reliable and independent source documents

Answer: C,D

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 91
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

A. Data quality and mapping
B. Robustness of feedback relating to submitted suspicious activity reports
C. Scenario altering techniques
D. False positive ratio
E. Complexity of monitoring scenarios

Answer: A,D

Explanation:
Transaction Monitoring Effectiveness:
* A. Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
* D. False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

NEW QUESTION # 92
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Advanced-CAMS-Audit Reliable Study Questions - Exam Advanced-CAMS-Audit Cram Review

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Why Do People Need to Achieve the ACAMS Advanced-CAMS-Audit Certification?

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q87-Q92):

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