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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

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 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

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 (Q36-Q41):

NEW QUESTION # 36
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.
B. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.
C. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.
D. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.

Answer: C

Explanation:
Recommended Action:
* Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
* Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

NEW QUESTION # 37
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. root cause analysis
B. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
C. sustainability assessment.
D. internal control test.

Answer: A

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 # 38
Which key elements of testing methodology should be documented? (Select Three.)

A. Documentation requirements of test results supporting the conclusion
B. Relevant testing techniques subject to the nature and size of the test population
C. Elements contributing to the inherent risk of the organization
D. Planned expansion or changes in the business profile of the organization
E. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
F. Sampling method applied to select an appropriate sample size

Answer: A,E,F

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 39
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. Responsible action owner and internal audit commitment to follow up
C. Available resources and board of directors' commitment
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 # 40
Which best explains why the auditor rates the audit finding on sanction screening severity high?

A. The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
B. The organization might have reported a sanction breach that is not a current sanction violation.
C. The finding is on a different audit topic than the KYC related findings.
D. The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.

Answer: A

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 41
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