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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	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 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	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.

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q63-Q68):

NEW QUESTION # 63
Which is the most significant risk associated with KYC requirements being considered a low priority not designed into processes and subsequently implemented after the products are already launched?

A. Client experience improves as accounts can be opened more quickly.
B. Frontline will not complete adequate CDD.
C. Product launches may not be adequately prepared.
D. Product launches will motivate frontline to get more customers.

Answer: B

Explanation:
* Critical Impact:
* Absence of CDD processes during product launch leaves the institution exposed to onboarding high-risk customers without proper risk assessment.
* Guidelines and Compliance:
* FATF standards emphasize embedding CDD in all stages of customer interaction to mitigate ML
/TF risks.

NEW QUESTION # 64
Following completion of testing and tuning of the parameters and thresholds of the transaction monitoring model which final step should the team recommend as necessary to verify effective model functioning?

A. Audit continuous monitoring
B. Model validation
C. Data validation
D. Regulatory approvals

Answer: B

Explanation:
Purpose of Model Validation:
* Model validation ensures that the transaction monitoring model is functioning as intended, effectively identifying suspicious transactions and mitigating AML/CFT risks.
* It encompasses testing data accuracy, parameter relevance, threshold efficacy, and compliance with regulatory requirements.
Process:
* Validation includes end-to-end reviews, statistical evaluations, and expert assessments of model outputs.
* According to FATF and Basel Committee standards, model validation is a critical component of the AML framework.
Irrelevance of Other Options:
* Audit continuous monitoringfocuses on ongoing oversight, not the specific confirmation of initial model functionality.
* Data validationaddresses data quality but does not verify operational model performance.
* Regulatory approvalsare necessary for compliance but are not a step in verifying model functioning.

NEW QUESTION # 65
An audit finding can be closed when:

A. the underlying risk is reassessed and mitigated.
B. all necessary evidence is collected and analyzed.
C. the follow-up actions are completed.
D. the final audit report is ready for delivery.

Answer: C

Explanation:
Conditions for Closing Audit Findings:
* Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
* This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
* The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.

NEW QUESTION # 66
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

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

Answer: B,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 # 67
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. Reporting the breach and the regulatory response
C. Responsible action owner and internal audit commitment to follow up
D. Available resources and board of directors' commitment

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 # 68
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